THE IMPACT OF DIGITISATION ON IFRS: APPROACHES TO ACCOUNTING FOR STABLECOINS AS DIGITAL ASSETS

Svetlana Drobyazko

E-mail:svetlana.drobyazko@yahoo.com

Professor, European Academy of Sciences Ltd

London, United Kingdom

https://orcid.org/0000-0003-2022-0126

Besik Bauchadze

E-mail: besik.bauchadze@bsu.edu.ge

Associate Professor, Batumi Shota Rustaveli State University

Batumi, Georgia

https://orcid.org/0000-0002-0657-9039

Abstract: Stablecoins, as a hybrid form of digital asset, challenge traditional IFRS principles by operating at the intersection of financial instruments, intangible assets, and cash regulation. This article systematises potential approaches to accounting for stable coins under IFRS and analyses the impact of the digital transformation on the evolution of the standards. Digitization is undermining established concepts of “cash”, “financial asset”, and “intangible asset”, which constitutes the core issue of this paper. The methodology is based on an analysis of classification uncertainties and a forecast of potential directions for the development of the regulatory framework. In conclusion, the paper justifies the necessity for developing a separate standard or interpretation that considers the specifics of stablecoin collateral and circulation. This is crucial for ensuring the reliability and comparability of financial statements within the digital economy.

Keywords: IFRS, stablecoins, digital asset accounting, asset classification, digital economy, financial instruments, cash.

JEL classification: M41, G32, G23,033