Public Sector Accounting for Cryptocurrencies
Cryptocurrency presents a new type of value and payment method that is undeniably different from traditional currency. So how should cryptocurrencies be classified in financial statements under the existing standards for the public sector? According to Frans van Schaik, the Global Leader Public Sector Accounting and Auditing at Deloitte, they should usually be classified as intangible assets in the scope of International Public Sector Accounting Standard 31. But, importantly, Frans also calls for additional clarity, or standards, from standard-setting entities to avoid confusion globally.