bachelorThesis
Tratamiento contable de bitcoin en Ecuador bajo Normas Internacionales de Información Financiera
Fecha
2022-09-20Autor
Fernández Sacotto, Álvaro José
Institución
Resumen
Bitcoin is the main cryptocurrency that has appeared with the rise of the internet and
globalization as a decentralized alternative to fiat currencies. The adoption it has had
in the last decade allows Bitcoin to store a significant amount of wealth that has
become impossible to ignore for individuals, businesses, and governments around
the world. The purchase of Bitcoin by companies means that it will have to be in the
accounting books and financial statements for reporting to controlling entities and
other stakeholders. The International Financial Reporting Standards (IFRS) sets up
the standards for accounting worldwide, however, there is still no specific standard
that fully adapts to the nature of this new asset; hence, the purpose of the paper is
to evaluate the best procedures in accounting for Bitcoin under IFRS in Ecuador
considering the deficiencies and risks that may arise. To achieve this, semi-
structured interviews with key actors have been conducted with an instrument
previously confirmed by accountants and academics; likewise, an exhaustive
analysis of the literature, the applicable legislation and the guides of the largest
accounting organizations worldwide has been done. The study concludes that
companies in Ecuador can account for Bitcoin as inventory or as an intangible asset
depending on their business model and should declare the profits obtained as
Income Tax to the Internal Revenue Service. In addition, the study concludes that
the lack of knowledge of new financial technologies could cause difficulties for
accountants and auditors at work and that the purchase of Bitcoin by Ecuadorian
companies is seen as a speculative investment.