CRYPTOCURRENCY, VOLATILITY, AND INTERNAL AUDIT

Economic crises can cause volatility in the cryptocurrency market. Since March 2020, the U.S. economy has been impacted by COVID-19. The Financial Accounting Standards Board (FASB) has not currently defined any cryptocurrency rules. Because of crypto's acceptance as a form of payment in the cor...

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Bibliographic Details
Published in:Internal Auditing 2021-07, Vol.36 (4), p.7-9
Main Author: Ivancevich, Daniel M
Format: Article
Language:English
Subjects:
Audits
Blockchain
Coronaviruses
COVID-19
Digital currencies
Emerging markets
Financial statements
Intangible assets
Internal auditing
Prices
Risk assessment
Volatility
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Summary:Economic crises can cause volatility in the cryptocurrency market. Since March 2020, the U.S. economy has been impacted by COVID-19. The Financial Accounting Standards Board (FASB) has not currently defined any cryptocurrency rules. Because of crypto's acceptance as a form of payment in the corporate world, the American Institute of Certified Public Accountants has formed a working group to explore the idea of digital assets like crypto. [...]it is necessary to test for the impairment of crypto by comparing its book value to the current market value at the end of the accounting period because crypto is considered an intangible asset with an indefinite life.
ISSN:0897-0378