1、Accounting for Cryptocurrencies加密加密貨幣的會計核算方法貨幣的會計核算方法What is the issue?A cryptocurrency refers to a form of exchange that does not exist in physical form but only digitally. It is not linked to any physical currency, nor is it backed by any government, central bank, legal entity, underlying asset or

2、 commodity. However, it is often quoted in an exchange against other currencies. The most commonly known example of a cryptocurrency is the Bitcoin.Cryptocurrencies have been developed as a product of the blockchaintechnology and has gained much popularity. It is now used as a means to make payments

3、 for goods and services, to incentivize employees as well as simply held for investment purposes (legality-permitting or not). Since its introduction and especially in recent years, transaction volume has grown exponentially albeit also experiencing significant volatility in value. Cryptocurrencies

4、are initially mined but could subsequently be bought, exchanged, awarded, or granted. It undoubtedly meets the definition of an asset. Mining cryptocurrencies is a specialized activity and the accounting for such activities warrant further research. This paper discusses how cryptocurrencies could be

5、 accounted for from the non-miner-holders perspective. There are a number of potential options to account for them and each option will be discussed in brief, and/or dismissed, below, recognizing the fact that diversity has already emerged in practice.1什么是加密貨幣什么是加密貨幣？加密貨幣是一種可用作交易且無實物形態的交易媒體。加密貨幣既不與任

6、何實際貨幣掛鉤，亦不由任何政府、央行、法律實體、基礎資產或商品提供擔保。然而，加密貨幣通常以兌換其他貨幣的形式進行標價。目前，“比特幣”是最廣為所知的加密貨幣。加密貨幣是發展區塊鏈技術而延伸的產物，并越來越廣受關注。如今，哪怕其合法性仍有待商榷，加密貨幣已被用于支付商品及服務、作為激勵員工的贈與或作為投資工具而持有。自其問世以來，尤其是最近幾年，盡管其價值經歷了大幅波動，加密貨幣的交易量得到了指數級的增長。加密貨幣只能通過計算機“挖礦”生成，這過程由“礦工”操作，一旦生成，隨后即可通過購買、交換、獎勵或授予等其他方式取得。毫無疑問，加密貨幣符合資產的定義。加密貨幣的挖礦屬于專業化業務，其核算亟

7、待進一步研究。本文將論述非礦工持有人應如何核算加密貨幣。目前，在實務中已經出現了多種對加密貨幣的核算方法，本文將對各項潛在的核算方法進行簡要介紹并探討其適用性。2Cash exist in the form of paper currency or coin and is issued by a government as a means of legal tender, e.g. the Renminbi issued by the Peoples Republic of China or the Pound issued by the United Kingdom. Since crypt

8、ocurrencies are not issued or backed by any government or state, it is not cash.Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Investments could be financial or non-f

9、inancial. Due to the lack of an underlying physical asset, cryptocurrencies are not non-financial investment. Financial investments, either equity or debt, are derived from contracts between two counter parties. Since there is only one party to a cryptocurrency, it is also not a financial investment

10、. Therefore, it fails the definition of a cash equivalent.Financial instruments are contracts that give rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Given there is no contractual relationship with any party, it is not a financial instrumen

11、t either. By the same token, it is not a subsidiary, joint arrangement or associate. Properties, Plant and Equipment or Investment Properties refer to assets, or to be precise properties, with physical form. Cryptocurrencies lack physical form so are not PPE or IPs.Leases (under the prevalent standa

12、rd) are arrangements whereby the lessor conveys to the lessee in return for payment the right to use an asset for an agreed period of time. There is only one party and one can hold onto a cryptocurrency for an unspecified period of time. It is not a lease. This conclusion is not expected to change u

13、nder the new leasing standard.What are our potentialaccounting options?3現金現金指政府以紙幣和硬幣形式發行的法定貨幣，如中國央行發行的人民幣、英國央行發行的英鎊等。由于加密貨幣并非由任何政府或國家發行或提供擔保，因此不應被視為現金?，F金等價物現金等價物指持有的期限短、流動性強、易于轉換為已知金額現金、價值變動風險很小的投資，包括金融或非金融投資。由于缺少基礎的實物資產，加密貨幣不屬于非金融投資。金融投資（包括權益投資或債權投資）源自雙方訂立的合同。由于加密貨幣只涉及一方，因此不屬于金融投資。所以，加密貨幣不應被視為現金等價

14、物。金融工具金融工具指使一方主體形成金融資產而使另一方主體形成金融負債或權益工具的合同。鑒于加密貨幣不涉及與其他方形成合同關系，因此不屬于金融工具。同樣的，加密貨幣也不屬于對子公司、合營安排或聯營企業的投資。不動產不動產、廠房及設備或投資性房地產廠房及設備或投資性房地產指資產，更為準確地說，泛指有形的“不動產”。加密貨幣沒有實物形態，故不應被視為不動產、廠房及設備或投資性房地產。租賃租賃（根據根據現行準則現行準則）指出租人向承租人讓渡議定期間內資產的使用權，以換取租金付款的安排。然而，加密貨幣僅由一方持有且其持有時間不明確，因此不應被視為租賃。在新的租賃準則下，預計該結論也不會有所改變?？刹捎?/p>

15、哪些潛在的核算方法可采用哪些潛在的核算方法？4Exploration for and evaluation of mineral resourceprovides guidance to the expenditures incurred when undertaking extractive activities to obtain mineral and other non-regenerative resource (one would expect those are with physical form). Arguably cryptocurrencies are mined at

16、 inception. Even though the standard does not specifically prohibit resource without physical form, this standard only provides relief to costs incurred prior to the discovery of resource, rather than the cost incurred to obtain the resource. Therefore, it is also not an E&E asset.Inventories are as

17、sets that are held for sale in the ordinary course of business, or used in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services. We normally expect inventory to have a physical form but this is not n

18、ecessarily the case. For example, setting aside whether cryptocurrencies are commodity-equivalents, commodity broker-traders that trade equity or debt securities account for these security investments as inventory so long as they are measured at fair value through the profit and loss. Therefore, tra

19、ders of cryptocurrencies could take advantage of this guidance. However, for entities that are not commodity broker-traders, since cryptocurrencies may not be traded in such frequency that they would be regarded as an entitys ordinary course of business, they could fail the definition of inventory.I

20、ntangible assets are identifiable non-monetary assets without physical substance. There are three parts to this definition, namely, (i) identifiable (ii) non-monetary and (iii) without physical form. Cryptocurrencies are assets and is separable (hence, meeting one of the two identifiable criterion)

21、because it could be sold, transferred or exchanged individually. It is a non-monetary item because it is not money held nor assets to be received in fixed or determinable amounts of money. Last, it lacks physical substance. Given intangible asset is the catch all category for all non-financial asset

22、s without physical form, it does seem that cryptocurrencies meet this definition under the current accounting standard.56無形資產無形資產指可識別的、無實物形態的非貨幣性資產。該定義包含三層含義：(i)可識別的；(ii)非貨幣性及(iii)無實物形態。由于加密貨幣可以單獨出售、轉讓或交換，因此是可區分的資產（滿足了兩項可識別標準中的一項）。由于加密貨幣不屬于持有的貨幣或為獲取固定或可確定金額的貨幣而持有的資產，因此屬于非貨幣性資產。除此之外，加密貨幣無實物形態。鑒于所有無實物

23、形態的非金融資產會落入無形資產準則的適用范圍，加密貨幣似乎符合現行會計準則規定的無形資產的定義。礦產資源的勘探和評估礦產資源的勘探和評估為獲取礦產及其他具有實物形態的非再生資源進行開采業務而發生的開支提供了相關指引。值得討論的是，加密貨幣初始也是通過“挖掘”產生的。盡管準則并未明確禁止適用于無實物形態的資源，但其僅適用于發現資源前發生的成本而非獲取資源而發生的成本。因此，加密貨幣也不應被視為勘探和評估資產。存貨存貨指日常經營過程中持有待售的資產或在生產該等資產過程中使用的資產，或在生產或提供服務過程中消耗的物料或物資。存貨通常具有實物形態，但并非所有情況均是如此。例如，先不考慮加密貨幣是否作為

24、大宗商品的等同物，只要其按公允價值計量且其變動計入損益，買賣股票或債券的商品交易經紀人可將該等“證券投資”作為存貨進行核算。加密貨幣的交易經紀人可以利用該指引。然而，對非商品交易經紀人的主體，由于加密貨幣的交易頻率可能不足以被認定為是主體的日常經營活動，則不能利用該指引將加密貨幣作為存貨核算。Accounting for Intangible AssetsIntangible assets are recognized initially at cost. Subsequently, an entity could choose to measure them at cost or at fa

25、ir value, less amortization (for intangible assets with finite lives). The fair value option is only available to those assets that have active markets. Also, fair value gains are taken through OCI while losses are taken through the P&L. And for intangible assets with infinite lives, they are not am

26、ortized. Cryptocurrencies have indefinite useful lives so would not be amortized. There are exchanges that trade certain cryptocurrencies. Given there are active markets (at least for the more popular ones like Bitcoins), they could be carried at fair value, if that measurement option is chosen, wit

27、h fair value changes through OCI. And for those that are not actively traded, they could only be carried at cost.7如何按照無形資產進行核算如何按照無形資產進行核算？無形資產以成本作為初始確認金額。隨后，針對具有有限使用壽命的無形資產而言，主體可能選擇以成本或公允價值扣減攤銷進行后續計量。公允價值計量只適用于有活躍市場的資產。此外，公允價值利得計入其他綜合收益，損失計入損益。使用壽命不確定的無形資產則無需攤銷。加密貨幣的使用壽命不確定，因而不予攤銷。實務中已存在交易所對某些加密貨幣進

28、行交易。對于存在活躍市場的加密貨幣，例如最熱門的比特幣，可以選擇以公允價值計量，其公允價值變動計入其他綜合收益。相較而言，沒有活躍市場的加密貨幣則只能以成本計量。89Is the information produced the most relevant and useful?An intangible asset (for example a patent or brandname) has traditionally been an asset held for use in the production process with the primary objective to gen

29、erate revenue from the entitys ordinary course of business. Even though the reference to production has been removed from the definition of an intangible asset, such a presumption is still reflected in how the standard is written through its initial and subsequent measurement basis. As we highlighte

30、d at the beginning, cryptocurrencies are used as a means to make payments for goods (like cash) and services (like employee benefits), to incentivize employees (like share-based payments) and for investment purposes (like financial instruments or investment properties). Therefore, the purpose for ho

31、lding an intangible asset is very different from holding a cryptocurrency. The accounting for a financial-like asset using a standard written for productive assets does not reflect the nature of such an asset nor the purpose of holding onto it. Due to the fact that it is being used as a currency-equ

32、ivalent or alternative investment vehicle, its most relevant measurement basis is probably at fair value through the profit and loss. This is akin to treating cryptocurrencies as a foreign currency or investment, which are largely carried at fair value with fair value changes through the profit and

33、loss. However, it seems like we are stuck with the intangible assets standard at present and either carrying it at cost or fair value through OCI does not provide the most relevant information to users. There is indeed an urgent need to “fill the gaap” on the accounting for cryptocurrencies. 10無形資產通

34、常指為用于生產過程而持有的資產，其主要目的是為了從主體的日常經營活動中產生收入。盡管無形資產的定義已不再提及生產，但準則規定的初始及后續計量基礎仍對該假設有所反映。如本文開篇所述，加密貨幣可用于支付商品（類似現金）和服務（如職工福利），作為員工激勵的手段（類似以股份為基礎的支付）或投資工具（類似金融工具或投資性房地產）。因此，持有加密貨幣的目的可能與持有無形資產的目的大相徑庭。若采用針對生產性資產編寫的準則核算類似金融資產的加密貨幣，無法反映該資產的性質及持有目的。由于加密貨幣被用作貨幣等價物或另類投資工具，其最適用的計量基礎可能是以公允價值計量且其變動計入損益。這類似于將加密貨幣作為一種外幣或投資（大部分以公允價值計量且其變動計入損益）進行計量。但是，局限于現行準則的規定，目前我們似乎“只能”采用無形資產準則，而無論是以成本還是以公允價值計量且其變動計入其他綜合收益的核算方法，均無法為報告使用者提供最為相關的信息。因此，如何修改和明確相關準則，規范加密貨幣的會計核算是一個亟待解決的問題。核算方法是否提供了最相關核算方法是否提供了最相關且有用的信息且有用的信息？