International Research Journal of Innovations in Engineering and Technology - IRJIET International Open Access, Monthly, Peer Reviewed, Reputed Journal ISSN (online): 2581-3048

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DOI Prefix: 10.47001/IRJIET

Redefining Financial Standards: Addressing the Accounting Challenges of Cryptocurrencies with a Blockchain Framework

Hasan RkeinFaculty of Business Administration, Al Maaref University, Beirut 1600, LebanonKassem DanachFaculty of Business Administration, Al Maaref University, Beirut 1600, LebanonAli El DiraniFaculty of Business Administration, Al Maaref University, Beirut 1600, LebanonFatima AbbassFaculty of Business Administration, Al Maaref University, Beirut 1600, Lebanon

Vol 8 No 6 (2024): Volume 8, Issue 6, June 2024 | Pages: 88-97

International Research Journal of Innovations in Engineering and Technology

OPEN ACCESS | Research Article | Published Date: 15-06-2024

doi Logo doi.org/10.47001/IRJIET/2024.806011

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Abstract

The swift adoption of cryptocurrencies presents significant challenges for traditional accounting frameworks. This study explores the limitations of existing standards, specifically IFRS and GAAP, in effectively accounting for cryptocurrencies and emphasizes the need for modified standards that accurately reflect the unique characteristics of these digital assets. Through a combination of quantitative and qualitative analyses, this paper highlights substantial deficiencies in current accounting practices and advocates for the development of tailored accounting standards. Additionally, it introduces a blockchain framework aimed at enhancing the transparency, accuracy, and compliance of cryptocurrency accounting. This innovative framework leverages blockchain technology to align with the decentralized nature of digital assets, proposing a transformative approach to meet the unique demands of cryptocurrency transactions.

Keywords

Cryptocurrency, Accounting Standards, IFRS, GAAP, Digital Assets, Blockchain Technology


Citation of this Article

Hasan Rkein, Kassem Danach, Ali El Dirani, & Fatima Abbass. (2024). Redefining Financial Standards: Addressing the Accounting Challenges of Cryptocurrencies with a Blockchain Framework. International Research Journal of Innovations in Engineering and Technology - IRJIET, 8(6), 88-97. Article DOI https://doi.org/10.47001/IRJIET/2024.806011

Licence Copyright (c) 2026 International Research Journal of Innovations in Engineering and Technology creative common licence This work is licensed under Creative common Attribution Non Commercial 4.0 Internation Licence
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