Tratamiento contable de bitcoin en Ecuador bajo Normas Internacionales de Información Financiera

Abstract

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.