Challenges of Cryptocurrency to Accounting and Accountants^ Readiness
Fariza Nurahma (a*), Arthik Davianti (b)

a) ICMAP Faculty of Economics and Business, Satya Wacana Christian University
Jl. Diponegoro No. 52-60, Salatiga 505711, Indonesia
*232019505[at]student.uksw.edu
b) Faculty of Economics and Business, Satya Wacana Christian University
Jl. Diponegoro No. 52-60, Salatiga 505711, Indonesia

Abstract

Cryptocurrency is a phenomenon that has emerged more and more over the last few years, and individuals and companies widely use it. These transaction tools that appear with the development of the technological revolution have attracted many people to use them. However, using cryptocurrencies brings out new challenges for accountants and accounting itself. This study aims to provide literature-based empirical evidence regarding the readiness of accounting and accountants to face the challenges in cryptocurrency. Furthermore, this research will answer the research question about what are the accounting and accountants^ issues and challenges related to cryptocurrencies. The method used as an analytical tool is a meta-synthesis of several findings in research regarding cryptocurrency in accounting and accountants. The result of the analysis concludes that the accountants know the challenges they are facing with cryptocurrencies. However, there are still many different perspectives on facing these challenges. The different perspectives emerged because there is no accounting standard issued for cryptocurrencies. The biggest challenges are related to asset classification, valuation, and impairment.

Keywords: Cryptocurrency- Readiness- Accountants^ perspective- Accounting standard

Topic: Accounting