Accounting opinions on cryptocurrency: A Review of Literature

Résumé

At the beginning of the 21 century, the world entered the third stage of monetary history a period of virtual economy characterized by revolutionary changes in the nature and use of money. The development of the most modern form of electronic money, led to the fact that money began to lose the object- sensory form, became a virtual reality, created by means of technological means. From the accounting perspective, the first opinion suggested that an accounting classification would make cryptocurrency cash equivalents; the second opinion mentioned an accounting ranking that would display crypto currency an intangible asset with an indefinite useful life. The third opinions group recommend that crypto currency should classified as an intangible asset with an indefinite useful life. However, other companies currently using cryptocurrency through the general operations of the business have decided to classify it differently. This paper critically reviews the literature on various opinions regarding the accounting treatment of crypto currencies.