Deep Dive into Singapore Crypto Financial Reporting

The Elven Research - Deep Dive into Singapore Crypto Financial Reporting has been published and is available for use. In this report, Elven reviewed financial statements of 9 MAS licensed blockchain entities for FYE 31 December 2023.

Accounting for cryptocurrency has been a challenge. The discussion of accounting for holdings of cryptocurrencies under IFRS started from Dec 2016 and concluded with the release of an agenda decision by IFRS Interpretations Committee (IFRIC) in June 2019. ISCA released a Financial Reporting Guidance in March 2020 to further guide preparers of financial statements with cryptocurrency holdings.

Elven reviewed financial statements of 9 MAS licensed blockchain entities for FYE 31December 2023.7 entities had the MPI license while 2 entities had the RMO / CMS license.

‍