How do I account for crypto currency IAS 38

This is currently an intangible asset

BDO Article

In summary

The rise in the use of cryptocurrencies in recent years and the absence of any specific IFRS Accounting Standard, has resulted in entities having to apply the hierarchy contained in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, paragraphs 11 and 12, to develop an appropriate accounting policy for crypto assets. This involves considering, in descending order:

1. The requirements in IFRS Accounting Standards dealing with similar and related issues
   The recognition criteria and measurement concepts in the Conceptual Framework for Financial Reporting
2. The most recent pronouncements of other standard-setting bodies that use a similar conceptual framework to develop accounting standards, other accounting literature, and accepted industry practices (to the extent these do not conflict with (a) and (b) above)

Accounting for cryptocurrencies under IAS 38 means:

1. Entities can recognise them using the cost or revaluation model, although the latter is only permitted if they can measure fair value by reference to an active market
2. When applying the revaluation model, revaluation increments will be recognised in other comprehensive income, not profit or loss
3. Applying the cost model - useful lives are likely indefinite, so no amortisation is provided, but an annual impairment test is required.