Open AccessCryptocurrencies for the Payment of Products or Services: Risks, Accounting Practices and Regulations
Author(s) -
David Allen,
James Aselta,
Russell P. Engel
Publication year - 2019
Publication title -
accounting and finance research
Language(s) - English
Resource type - Journals
eISSN - 1927-5994
pISSN - 1927-5986
DOI - 10.5430/afr.v8n4p19
Subject(s) - cryptocurrency , accounting , commission , business , payment , revenue , accounting standard , financial services , service (business) , financial accounting , internal revenue , finance , accounting information system , marketing , computer security , computer science
This paper examines the risks, accounting practices and disclosures of companies who accept cryptocurrency for the payment of products or services. We provide a brief history of cryptocurrency and blockchain technology that allows the reader to deepen their understanding of the subject before moving on to a discussion of how regulatory bodies such as the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) are treating the accounting for cryptocurrency transactions.