The European Financial Reporting Advisory Group (EFRAG) in conjunction with the European Accounting Association (EAA) and the International Accounting Standards Board (IASB) will hold a virtual research workshop on 23 April 2021 at 12.00-14.00 (CET). The seminar will provide highlights of EFRAG’s Discussion Paper on Accounting for Crypto-Assets (Liabilities) (DP).
The DP is motivated by the ongoing evolution, growth potential and diversity of the novel crypto-assets transactions. Their unique and risky nature has drawn the attention of stakeholders including National Standard Setters (NSS), market practitioners, regulators, policymakers, and academics. Stakeholders have also highlighted potential gaps in the accounting requirements for crypto-assets (liabilities). The DP assesses existing guidance related to reporting of these novel transactions and includes proposals for evaluating and where needed developing or clarifying related IFRS requirements. The purpose of the session is to obtain feedback from academics on the DP’s findings and key questions.
The seminar will be structured into three sections: 1) Holders Accounting; 2) Issuers Accounting; and 3) Valuation Considerations and Way Forward in developing IFRS requirements. The session will be moderated by the Chair of the EAA’s Financial Reporting Standards Committee Ann Jorissen. Each section will include short presentations by EFRAG staff- Vincent Papa and Isabel Batista; a perspective by IASB staff- Craig Smith; and an academic reflection by Benedikt Franke of SKEMA Business School, France. The presentations will be followed by questions and comments from the audience to be addressed by the presenters. EFRAG’s DP on Accounting for Crypto-Assets (Liabilities) can be accessed through this (website link).
To view the PPT and recording of the workshop, please click here.