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The Commissione Nazionale per le Società e la Borsa (Consob) has announced a joint communication with the Bank of Italy regarding guidelines for accounting, market transparency, and auditing of crypto-assets in financial statements. This announcement was made in a press release on March 6.
According to Consob and the Bank of Italy, the communication is directed at publicly traded companies, audit firms, and statutory auditors. It emphasizes the need for clear financial disclosures concerning crypto-assets. While no new requirements are introduced, companies are encouraged to provide transparency on how these assets impact their financial position and performance. This includes considering associated risks such as price volatility, regulatory uncertainty, and potential exposure to fraud or illicit activities.
The communication aligns with International Financial Reporting Standards Interpretations Committee (IFRS IC) guidelines. It states that cryptocurrencies should be accounted for under International Accounting Standard (IAS) 38 as intangible assets unless held for sale, in which case IAS 2 applies. For other types of crypto-assets, issuers must assess their nature to determine appropriate accounting treatment. Full disclosure in financial statements is required while complying with market abuse regulations. Companies are also urged to highlight any significant changes in the valuation of their holdings due to rapid fluctuations in the crypto market.
