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

Author

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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)

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.

Suggested Citation

  • D. Larry Crumbley & Donald L. Ariail & Amine Khayati, 2023. "How Should Cryptocurrencies Be Defined and Reported? An Exploratory Study of Accounting Professor Opinions," JRFM, MDPI, vol. 17(1), pages 1-18, December.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2023:i:1:p:3-:d:1303503
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    References listed on IDEAS

    as
    1. Boon Seng Tan & Kin Yew Low, 2017. "Bitcoin – Its Economics for Financial Reporting," Australian Accounting Review, CPA Australia, vol. 27(2), pages 220-227, June.
    2. Casey Watters, 2023. "Digital Gold or Digital Security? Unravelling the Legal Fabric of Decentralised Digital Assets," Commodities, MDPI, vol. 2(4), pages 1-12, October.
    3. Bergner, Jason & Chen, Yining & Simerly, Melloney, 2022. "Accounting faculty’s pursuit of professional certifications: Pre- and post-terminal degree comparison," Journal of Accounting Education, Elsevier, vol. 61(C).
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