Changes Regarding Crypto Assets in the Financial Reporting Standard for Large and Medium Size Entities Published

The Public Oversight, Accounting, and Auditing Standards Board published its decision dated December 16, 2024, numbered 75935942-050.01.04-[01/28123], in the Official Gazette No. 32757, dated December 19, 2024. The decision approves the publication of "Changes Regarding Crypto Assets" to incorporate new accounting principles related to the measurement and classification of crypto assets into the Financial Reporting Standard for Large and Medium-Sized Enterprises (BOBI FRS).

In addition to various amendments to the standard, the newly added Annex-9 defines Crypto Assets as:"Intangible assets that are created virtually using distributed ledger technology or similar technology, distributed through digital networks, but are not classified as fiat money, scriptural money, electronic money, payment instruments, securities, or other capital market instruments."

These changes will take effect for reporting periods starting on or after January 1, 2024.