Italian Securities Commission and Bank of Italy issue joint guidance on crypto-asset accounting, market disclosure and audit focus

The Italian Securities Commission (Consob) and the Bank of Italy have published a joint communication setting out supervisory expectations on how crypto-assets are reflected in financial statements, disclosed to the market and addressed in statutory audits. The document is framed as guidance and does not introduce new obligations. The communication is addressed to listed issuers whose shares trade on a stock exchange or multilateral trading facility, as well as audit firms and statutory auditors. It highlights the need for financial statements to provide decision-useful information enabling the market to understand the effects of crypto-asset exposures, including positions held directly or indirectly, on the issuer’s financial position, performance and risk profile. In line with International Financial Reporting Standard Interpretations Committee guidance, cryptocurrencies should be accounted for under IAS 38 (intangible assets) or, where held for sale in the ordinary course of business, IAS 2 (inventories). For other types of crypto-assets, issuers should assess the specific features to identify the most appropriate accounting treatment and provide complete disclosure on their nature and associated risks, including timely public information as required by the market abuse framework. For auditors, the communication flags the volatility, complexity and evolving regulatory context of crypto-assets and calls for particular attention to anti-money laundering-related aspects.