Integrating Cryptocurrency into Intermediate Financial Accounting

Curriculum: A Case Study

This article was to investigate and determine the critical roles cryptocurrency play in

the accounting environment . The research carried out, aimed to contribute to the current

literature by extending the cryptocurrency discussion into the classroom. The research was

conducted by assigning students from different environment surrounded with

cryptocurrencies to investigate the topic. Based on the data gathered from the different

methods used to carry out this research, it was depicted that most students were not exposed

or familiar with the cryptocurrencies in their business courses and they displayed a basic

knowledge.

The methodology for the case study involved having a class discussion as well as

conducting a survey. The class discussion occurred after the students were given a research

assignment on several topics under cryptocurrency such as what are cryptocurrencies and

why are they so buzzworthy. During the discussion, several other queries on cryptocurrencies

were discussed. The survey highlighted several compelling factors on the student’s

knowledge on cryptocurrencies. Over fifty percent (50%) of the students had no knowledge

of cryptocurrencies as well as not enrolling in any class that lectured on the topic. On the

brighter side, most students are open to learn more about cryptocurrencies and are positive

that the knowledge will be beneficial in the future. Both quantitative and qualitative research

methods were used.

 In finding sources, both websites and journals to formulate the literature review of the

case. Deloitte (2018) defined cyptocurrency; as a new type of value and payment method that

is distinctly different from fiat currency and as of May 2019, there are 2,182 different types

of digital assets in circulation such as Bitcoin, Ethereum Litecoin, Monero. The case

highlighted that Satoshi Nakamoto is the chief inventor of Bitcoin in late 2008 and that

Nakamoto was able to counteract the need for a central server by adopting a Peer-to-Peer

(P2P) methodology. This approach allows each computer to keep a continuous roll of balance

activities, and does not proceed until each P2P device agrees with each other; once every

device agrees, the transaction will be verified and recorded.

CoinMarketCap (2019) in the current economic environment digital assets have a

market capitalization exceeding $228 Billion has generated a great deal of attention from

accounting professionals and accounting standard setting bodies in order to address and

resolve the issues that these types of assets have generated. Also, a great deal of information

from the Finanical Accounting Standards Board was also cited within the case.
 The case generated useful information about the understanding of cryptocurrencies

among students at the university. Majority being full time students, 82.9% of whom are

pursuing their degree in accounts,76% of them have never taken classes which cover block

chain or cryptocurrencies. This shows that accounting students have a limited knowledge

about concept because it is not included in their curriculum. 54.9% had no knowledge about

it before the assignment, this suggest that the students have a minimal understanding of the

area. However, this assignment was beneficial to majority of the students, as 65.7% of them

stated that interest in cryptocurrency was increased after completing the assignment and a

total of 78.6% of the population become more aware of accounting for cryptocurrencies

According to the survey 87.7% of the students are interested in learning more about

blockchain and a majority of them think that learning about cryptocurrency would be

beneficial to them in the future as it would provide an advantage in their future workplace.

However 51.4% of the class thought that their employee do not expect them to know the

concept while the remaining 48.6% thought their employee expect them to be knowledgeable

about cryptocurrencies. This assignment was beneficial to 88.6% of the class since

cryptocurrency is becoming more widely embraced in businesses.

 Conclusion

Based on the article, it was determined that Cryptocurrencies are not being taught to

much students in schools. Therefore, most students who took the survey knows little or

nothing about cryptocurrencies. Despite the lack of knowledge in cryptocurrencies, most

students are willing to learn and are of the belief that this will be of some benefit to them in

the future.

All things considered, cryptocurrencies are being used more frequently in businesses

and as such, majority of students benefited from this assignment as it will be of much help in

the world of work.

References

CoinMarketCap. (2019). Top 100 Cryptocurrencies by Market Capitalization. Retrieved May

28,2019, from https://coinmarketcap.com/

Financial Accounting Standards Board. (2018, October 9). Minutes of the October 9, 2018

Private Company Council Meeting. Retrieved May 28, 2019, from

https://www.fasb.org/jsp/FASB/Document_C/DocumentPage&cid=1176171658882

Ryabova, T. (2018, October 1). Integrating Cryptocurrency into Intermediate Financial

Accounting Curriculum: A Case Study. Retrieved February 13, 2020, from

https://www.researchgate.net/publication/336675378_Integrating_Cryptocurrency_int

o_intermediate_Financial_Accounting_Curriculum_A_Case_Study