Abstract
The Korean financial supervisory authority has issued the guideline for accounting and disclosure of virtual assets. This study analyzes the financial statements as of June 30, 2024 based on the authority's guideline for virtual assets and suggests the implications and improvements of the current guideline. The results of the paper showed that the fair value of the same virtual asset was reported at different amounts based on different cryptocurrency exchanges. There were some cases where the book value of virtual assets held was higher than the fair value. In addition, there were cases where virtual assets were borrowed. There were cases where some virtual assets were burned after issuance. Based on the analysis, this study suggested revising the disclosure form to clearly disclose the valuation and calculation criteria for the fair value of virtual assets, and to disclose the carrying amount and fair value in parallel so that information users can easily compare them. In addition, the study proposed systematic disclosure of virtual asset borrowing and burning transactions.
| Translated title of the contribution | Current Status and Implications of Virtual Asset Disclosures by Korean Companies: Case Study Based on Accounting Supervision Guidelines and Best Practices for Notes Disclosure |
|---|---|
| Original language | Korean |
| Pages (from-to) | 301-328 |
| Number of pages | 28 |
| Journal | 지급결제학회지 |
| Volume | 16 |
| Issue number | 2 |
| DOIs | |
| State | Published - 2024 |