VIRTUAL ASSETS
Digital transactions are more relevant today than ever in our daily lives. It is estimated that the 60% of global GDP will be digitized by 2022. Our lives are marked at a rate in which we must not only know but be prepared, not only as observers but as doers.
And it is in this digital world, where we must also know how to protect and interpret economic events, the Financial Action Task Force (FATF) issued international digital guidance on the use of digital identification. The FATF recognizes financial innovation. At the same time, virtual currency payment products and services present money laundering and other criminal risks that need to be identified and mitigated.
But not everything is a matter of risks, but of benefits and uses; before that, companies must be aware of how these transactions with virtual currencies will impact their financial statements.
In this sense, the IFAC states that virtual assets must be recognized as inventories. (NIC 2) or like Intangibles (NIC 38), according to the case, However, they are not the only ones who speak out in the face of such changes., there are also pronouncements by other entities such as the Mexican Council of Financial Information Standards (CINIF), such is the case of NIF C-22 CRYPTOCURRENCIES, which evaluates other characteristics that should be considered for the recognition and valuation, to determine the asset category in which it should be recorded, considering the first virtual currency Bitcoin as the most representative, what management should consider for other virtual assets, if they meet the characteristics of said regulations, Otherwise, it should be recognized as Investment..
The analysis of the characteristics of each class of virtual assets for their respective accounting will be at the discretion of the administration..
In this sense, we share the NIF-22 Virtual Assets, for study and analysis.