Fair value or at cost? Bitcoin throws accounting a curveball

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. Which of these answers is not true of cryptocurrency?

  2. Which of these is not a reason why cryptocurrency may become the popular choice for payments?

  3. Which of these answers is not a reason for cryptocurrency being more volatile than regular currency?

  4. Why does cryptocurrency need accounting for?

  5. Why would most accountants use fair value to account for cryptocurrency?

  6. Which of the following is not a reason that fair value may not be the best way to account for cryptocurrency?

  7. Why might the argument that cryptocurrency is cash be wrong?

  8. Why might the broker-trader exemptions in IAS 2 not apply to cryptocurrency?

  9. Why might recognising cryptocurrency as intangible assets not work well?

  10. Which accounting treatment would provide the most useful information?