Implicaciones contables del Bitcoin y otras criptomonedas. Accounting implications of Bitcoin and other cryptocurrencies.

Abstract

This paper aims to analyze the accounting implications of Bitcoin, and other cryptocurrencies, in Spain and in some important countries for our environment. The important rise of these cryptocurrencies, and their particularities, make it necessary, for accounting and finance professionals, to understand their operation and valuation, in order to give them a correct accounting treatment. Currently, in Spain, there is a difference of opinion between the Institute of Accounting and Accounts Auditing (ICAC) and the Directorate-General for taxation. Both, in different binding consultations, define rules about their treatment, which conflict. We will try to prove, using current accounting regulations, that the best treatment that can be given to these cryptocurrencies, when they are acquired on a speculative basis, taking into account the economic reality rather than the legal reality, is to include them in the portfolio of financial assets held for trading.