South Korea's financial watchdog FSC has decided on draft rules for firms' disclosure of crypto holdings, following the passing of the Virtual Asset User Protection Act. By lavender_au
Under the new rules, companies will need to disclose information about the quantity, characteristics, business models and accounting policies regarding the sale of virtual currencies as well as profits, volume and market value of their crypto.
The Financial Services Commission announcement on deciding the draft rules says that the measures aim to improve accounting transparency, following thePreviously, companies and their auditors held different opinions on the timing and criteria for determining whether the sale of virtual assets to customers constituted profit. Under these rules, if companies sell virtual assets, the sales will be recognized as profit after the company fulfills obligations to its holders.
Costs incurred in developing virtual assets and their platforms will not be recognized as intangible assets, the announcement said. Domestic accounting experts have continued to discuss accounting uncertainties over the past year, with the Financial Services Commission, the Financial Supervisory Service and the Accounting Standards Board participating. The announcement added that audit procedure guidelines are being prepared.
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