Joong (Justin) Yoo ENGH 302 Professor Holcomb Annotated Bibliography Research question: What and how are we accounting for cryptocurrencies regards to financial reporting? 1. Smith, Sean. S. (2018). Implications of Next Step Blockchain Applications for Accounting and Legal Practitioners: A Case Study. Australasian Accounting, Business and Finance Journal, 12(4), 77-90. Sean Smith in “Implications of Next Step Blockchain Applications for Accounting and Legal Practitioners: A Case Study. Australasian Accounting, Business and Finance Journal, 12(4), 77-90.” States the background of cryptocurrencies in the accounting industry where cryptocurrencies are an emerging financial technology and Smith argues that as blockchain technology (cryptocurrencies) grows in prevalence, accounting organizations will have an increased impact on the treatment of cryptocurrencies and their legality regarding financial reporting. His evidence clearly states the increased use of bitcoins and cryptocurrencies has increased impact of cryptocurrencies used as assets or investing in financial reports. I chose this credible source due to the reliability of the article and the peer-reviewed information by scholars verifying the information. 2. Sterley, Andre. (2019, June 7). Cryptoassets: Accounting for an Emerging Asset Class. Retrieved October 25, 2020, from ProQuest. Cryptoassets: Accounting for an Emerging Asset Class, by, Andre Sterley argues the current unresolved delegations of the SEC, IRS, and other governmental organizations that doesn’t allow cryptocurrencies to be legal tender in the United States initiated for cryptocurrency-reliant companies to devise other ways to benefit their emerging financial technology or leave the country entirely to escape the consequential legalities. The author explains his work by giving examples of government regulations like not being able to convert cryptocurrency to cash disadvantaged companies to allow cryptocurrencies to become liquid. This article is relevant to my research question because it exposes a different viewpoint of cryptocurrency reporting that has not been resolved and has credible sources regarding the information. 3. K. (2019, April). Cryptoassets – Accounting and tax What’s the impact on your financial statements? Retrieved October 25, 2020, from https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/04/cryptoassets-accounting-tax.pdf “Accounting and tax. What is the impact on your financial statements?”, by KPMG believes that cryptocurrencies can be classified as asset-bearing accounts when financial reporting for accountants and related investors. The potential audience KPMG encourages for are innovative accounting departments and technological business environments that utilize cryptocurrencies in the business world. Their statements of specifying financial information for broker-traders and miners clearly identifies the specific audience KPMG is trying to reach out to. KPMG, one of the largest accounting firms in the world, is a reliable credible source that provides recent publications regarding news in the accounting world. I chose this article to cite because of the reliable source KPMG publishes and keeps any accounting news up to date. 4. Currie, Chip. (2018, March 6). What is cryptocurrency? How do you account for it? Does it fit in existing accounting models? Retrieved October 25, 2020, from https://www.pwc.com/us/en/cfodirect/publications/point-of-view/cryptocurrency-bitcoinaccounting.html Chip Currie in “What is cryptocurrency? How do you account for it? Does it fit in existing accounting models?” views cryptocurrency in a different perspective where he believes cryptocurrencies are reported as an intangible, living assets that needs to account for on a regular basis. Under a recently proposed accounting framework, cryptocurrencies, such as Bitcoin, would not be classified as cash, currency, or financial asset, but an intangible asset that increases or decreases value along a timespan which needs to be recorded accordingly, otherwise looking at cryptocurrencies at a different viewpoint. I chose this publication because Chip Currie is a Partner at PWC displaying credible information backed up by one of the largest accounting firms. 5. Silvia. (2020, January 15). How to Account for Cryptocurrencies in Line with IFRS. Retrieved October 25, 2020, from https://www.cpdbox.com/accounting-cryptocurrenciesifrs/ “How to Account for Cryptocurrencies in Line with IFRS”, by Silvia introduces a different side of cryptocurrency in a much simpler term for reporting in the international side. Silvia discusses the financial reporting when companies reports under IFRS, International Financial Reporting Standards, and the similar discussions the US should take to be aligned with international standards. The author’s purpose is to define financial reporting standards in the IFRS and convey the different regulations between the US and the international standards. The blog provides credible references and official citations from the IFRS that made a attractive writing piece to choose.