Accounting for Cryptocurrencies

• 成果类型: Article; Early Access
• 署名作者: Anderson, Chelsea M.; Fang, Vivian W.; Moon, James R.; Shipman, Jonathan E.
• 署名单位: University System of Ohio; University of Cincinnati; Indiana University System; Indiana University Bloomington; University System of Georgia; Georgia Institute of Technology; University of Arkansas System; University of Arkansas Fayetteville
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.70018
• 发表日期: 2025
• 关键词: TO-MARKET

摘要

This paper explores U.S. public firms' cryptocurrency holdings and accounting practices from 2013 to 2022 against the backdrop of the recently enacted crypto accounting rule, ASU 2023-08. Descriptive analyses suggest exponential growth in corporate crypto holdings and significant variation in crypto accounting practices, underscoring the rule's necessity. Hypothesis tests using the pre-rule data reveal three insights with direct relevance to the rule. First, firms appear to view crypto assets more akin to investments than intangible assets, consistent with the rule's mandate of the fair value model. Second, Big 4 auditors steer firms toward the impairment model and less detailed presentation choices. This conservative approach is unlikely to meet the new rule's goal of providing the most decision-useful information. Third, increased liquidity of crypto markets prompts the use of the fair value model and a more detailed presentation, consistent with the rule's focus on more actively traded tokens. However, within our sample, we find some evidence consistent with fair value reporting increasing stock return volatility and no evidence that it enhances earnings informativeness.