The different accounting treatment options for crypto assets

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. What have many other countries been relying on when commenting on the accounting treatment for cryptocurrencies?

  2. Which of these is not a widely accepted asset category for cryptocurrency?

  3. What else besides a crypto asset's features needs to be considered when discussing an accounting treatment?

  4. Why might it be problematic to treat cryptocurrencies as cash?

  5. Which statement best describes how Belarus decided its accounting treatment for cryptos?

  6. What key feature of fiat currency does cryptocurrency not display?

  7. Which statement best describes how Belarus is treating 'own token creation'?

  8. Why might a separate standard for accounting for cryptos be best?

  9. Which two criteria must be met to recognise an intangible asset under IFRS?

  10. Why do we need an accounting treatment for cryptocurrencies?