Cryptocurrency

Updated: December 11, 2024

Learn about cryptocurrencies and the primary issues involved in accounting for them under ASPE.
This publication includes:
- A brief overview explaining what cryptocurrencies are
- A discussion of possible approaches to accounting for cryptocurrencies under existing ASPE
- A brief summary of the tax implications of transactions involving cryptocurrencies

Read this FAQ to learn about considerations when auditing crypto-asset mining revenue and check out the illustrative examples included in the appendix.

As the crypto-asset market continues to expand, it has highlighted challenges for auditors in obtaining assurance over this complex asset class. This FAQ aims to answer some key questions specific to auditing revenue at a crypto-asset mining entity. This non-authoritative guidance can be applied to companies running their own mining operations, or to miners participating in a pool.

Learn about audit considerations when a third party provides crypto-assets services to the entity, including assessing whether a service organization relationship exists and identifying risks and relevant controls at the service organization.

Learn about considerations related to auditing an entity with material cryptocurrency assets and transactions under the Canadian Auditing Standards (CAS).

It is becoming common for financial statements to show material cryptocurrency balances and to reflect the results of cryptocurrency transactions. However, many auditors may have little or no experience with cryptocurrencies and therefore may not fully appreciate the challenges that auditing these items may present

The Bank of Canada is examining a strategy for digitized banknotes. Here’s what CPAs need to know for now.
Digital payments have been steadily climbing in popularity for years. And given that the trend is not expected to abate anytime soon, the Bank of Canada (BoC) is now considering the creation of a central bank digital currency (CBDC).

Learn about considerations related to auditing an entity with material cryptocurrency assets and transactions under the Canadian Auditing Standards (CAS).

The Bank of Canada is examining a strategy for digitized banknotes. Here’s what CPAs need to know for now.
Digital payments have been steadily climbing in popularity for years. And given that the trend is not expected to abate anytime soon, the Bank of Canada (BoC) is now considering the creation of a central bank digital currency (CBDC)

Baker Tilly Canada’s John Oakey, CPA, offers an overview of what we know—and don’t know—about the tax implications around crypto in Canada today. Since crypto investing and trading have become mainstream, the tax implications of cryptocurrency have become an increasingly important issue. At this stage, there are a number of areas where there is still some confusion around compliance with tax rules. We spoke to CPA John Oakey, national director of tax services at Baker Tilly Canada, about what we know—and don’t know—about the current tax implications of cryptocurrency.

IAASB Digital Technology Market Scan: Digital Assets.
Welcome to the seventh Market Scan from the IAASB's Disruptive Technology team. Building on our ongoing work, we will issue a Market Scan every 2-3 months. Market Scans cover exciting trends, including new developments, corporate and start-up innovation, noteworthy investments and what it all might mean for the IAASB.

In this Market Scan, we explore Digital Assets, with a focus on recent developments within the Cryptocurrency market and what it might mean for the audit and assurance ecosystem. Future Market Scans will build on this area by focusing on related technologies, such as blockchain and smart contracts.

Learn the key challenges and top questions to ask before deciding if crypto-assets are right for your organization. Bitcoin and other crypto-assets rely on blockchain technology to enable businesses to make transactions without an intermediary such as a bank or other financial institution. Crypto-assets also have unique characteristics that differ from traditional asset classes. These characteristics pose new challenges for businesses, especially around security and internal controls.


SMEs thinking of using or accepting crypto-assets as a form of payment need to understand crypto-assets and design an effective control environment that can ensure the security of those assets.

How will blockchain and crypto-assets impact CPAs and their future roles? Explore our resources to find out more.
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