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1. Accounting for crypto in dubai According to experts, the IAS 38 Intangible assets may be more suited to utilize here since attributes of a virtual currency mirror other common Intangible assets because IFRS does not have a special standard for crypto assets. As there is no specific accounting standard established for this separately,auditing consultancy dubai it was also covered at the DMCC webinar how we may account for cryptocurrencies in the same way as other intangible assets if it meets our needs. According to IAS 38, an asset is recognisable if it can be divided up or derives from a legal right or other agreement. An asset is divisible if it may be sold, transferred, licenced, rented, or exchanged separately or in combination with another contract, identifiable asset, or obligation that is tied to it. Intangible assets may be valued or assessed at cost under IAS 38. Intangible assets are first valued at cost using the cost model, and they are subsequently valued at cost less accumulated amortization and impairment losses. Intangible assets can be held at a revalued amount under the revaluation model if there is an active market, however this may not be the case for all cryptocurrencies. All assets in a given asset class should be measured using the same methodology. Assets that are measured using the revaluation model but for which there is no active market should instead be valued using the cost model. According to IAS 38, an increase in revaluation should be recorded in other comprehensive income.