Cryptocurrency presents a new type of value and payment method that is undeniably different from traditional currency. So how should cryptocurrencies be classified in financial statements under the existing standards for the public sector? According to Frans van Schaik, the Global Leader Public Sector Accounting and Auditing at Deloitte, they should usually be classified as intangible assets in the scope of International Public Sector Accounting Standard 31. But, importantly, Frans also calls for additional clarity, or standards, from standard-setting entities to avoid confusion globally.
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Frans van Schaik

Global Leader Public Sector Accounting and Auditing, Deloitte

Frans van Schaik is a Netherlands certified public accountant with 18 years professional experience. He is a Deloitte accounting and auditing partner, serving as an advisor in IPSAS (International Public Sector Accounting Standards) implementation to national governments and intergovernmental organizations. He served on the IPSAS Board for 6 years and is a Professor of Management Accounting at the University of Amsterdam. He regularly speaks at IPSAS seminars and courses worldwide.