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READ MOREDoes bitcoin now fit the accounting definition of cash?
With bitcoin being declared legal tender in El Salvador and more generally gaining acceptance as a transaction currency across the world, does this cryptocurrency now meet the definition of cash, as outlined by the Australian Accounting Standards Board and other standard-setters around the world?
In Australia, cash and cash equivalents are defined in reporting standards (AASB 107) as the following:
• Cash comprises cash on hand and demand deposits.
• Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk in changes in value.
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