How Should Cryptocurrencies Be Defined and Reported? An Exploratory Study of Accounting Professor Opinions

D. Larry Crumbley, Donald L. Ariail () and Amine Khayati
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D. Larry Crumbley: Department of Accounting and Finance, Texas A&M University—Corpus Christi, RELLIS Campus, 3100 TX-47, Bryan, TX 77807, USA
Donald L. Ariail: Coles College of Business, Kennesaw State University, Kennesaw, GA 30144, USA
Amine Khayati: Coles College of Business, Kennesaw State University, Kennesaw, GA 30144, USA

JRFM, 2023, vol. 17, issue 1, 1-18

Abstract: Crypto assets have upset the pillars of regulatory and centralized monetary policy, and the Financial Accounting Standards Board (FASB) has been slow in developing a position on how to account for cryptocurrencies. Currently, there are many accounting, finance, and tax meanings of cryptocurrencies. The purpose of this study is to show the path FASB has taken to develop accounting standards for more than 20,000 crypto assets, outline the positions other authorities and agencies have taken, and discuss Central Bank Digital Currencies since the United States and other countries are considering replacing their fiat currency with a digital currency. Furthermore, the study presents insights from an exploratory survey of accounting faculty opinions on cryptocurrencies. The discussion of virtual currency regulatory and accounting treatments informs the development of a regulatory framework.

Keywords: accounting regulation; cryptocurrency; FASB (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
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