eBook Accounting and Valuation for Cryptocurrencies

1. Classifying cryptocurrencies as assets.

From an accounting perspective, cryptocurrencies come under assets and are defined as “goods, rights and other resources financially managed by the company, resulting from past events, from which the company is expected to obtain profits or financial returns in the future”.

Therefore, the possession of cryptocurrencies by a company meets the definition of an asset.

We can identify four types of assets into which cryptocurrencies can be classified:

1. Financial instruments: Financial instruments are regulated by the 9th Accounting and Valuation Standard (AVS, known as NRV in Spanish) of the Spanish National Chart of Accounts (PGC in Spanish). The definition is as follows: “A financial instrument is a contract that results in a financial asset for an enterprise and, simultaneously, a financial liability or an equity instrument for another enterprise.”[1] According to the Spanish National Chart of Accounts definition, for a cryptocurrency to be considered a financial instrument, there must be a contract, i.e. a contractual relationship between the entity holding the cryptocurrency and a counterparty that results in the other entity having an obligation in the form of financial liability or one that can be settled using the entity’s own equity instruments.
2. Cash and cash equivalents: the 9th AVS of the Spanish National Chart of Accounts considers cash and cash equivalents to be financial assets provided they meet the definition of the 9th Preparation of Annual Accounts Standard of the Spanish National Chart of Accounts. “Cash and cash equivalents are understood to be those that appear as such under heading B.VII on the assets side of the balance sheet, i.e. liquid assets deposited in the company’s cash office, demand bank deposits and financial instruments that are convertible into cash and which, at the time of acquisition, mature within three months, provided there is no significant risk of change in value and that they form part of the company’s normal liquid asset management policy“[2].
3. Intangible fixed assets: The Spanish National Chart of Accounts defines intangible fixed assets in subgroup 20 as non-monetary assets without physical substance that are subject to financial valuation.

The 5th AVS of the Spanish National Chart of Accounts expressly states: “For an intangible fixed asset to be initially recognised, it must not only meet the definition of an asset and the accounting registration or recognition criteria contained in the Conceptual Accounting Framework but must also meet the standard of identifiability”.

1. Stocks: With regard to the Spanish National Chart of Accounts regulation in defining ‘Stocks’ as a group, it states that “These are assets held for sale in the ordinary course of business, in production or in the form of materials or supplies to be consumed in the production process or in the rendering of services”.[3] Such stocks include, but are not limited to, goods, raw materials, other provisions, works in progress, semi-finished products, finished products and by-products, waste and recovered materials, or, where relevant here, goods purchased by the company and intended for sale without transformation. Therefore, for cryptocurrencies to be considered stocks, the fundamental requirement is that the entity acquires them to trade them, this being the main purpose of the activity (or, in other words, that it acquires them to be used in the ordinary course of business).

[1] (BOE.es – BOE-A-2007-19884 Royal Decree 1514/2007, 16 November, approving the Spanish National Chart of Accounts, n.d.) [Block 41: #A9]

[2] (BOE.es – BOE-A-2007-19884 Royal Decree 1514/2007, 16 November, approving the Spanish National Chart of Accounts, n.d.) [Block 66: #A9-2]

[3] (BOE.es – BOE-A-2007-19884 Royal Decree 1514/2007, 16 November, approving the Spanish National Chart of Accounts, n.d.) [Block 121: #group3-2]

Conclusions:

Having established the characteristics of accounting for cryptocurrencies, the reaction of the ICAC indicates two examples of how cryptocurrencies should be treated:

• The company’s corporate purpose being trading cryptocurrencies in exchange for a commission: In these cases, cryptocurrencies need to be accounted for as stocks as they are to be sold as an ordinary activity of the company and are subject to the corresponding 10th AVS valuation standard of the Spanish National Chart of Accounts relating to stocks. With this standard, cryptocurrencies are valued at their cost, which would be the purchase price. For the subsequent valuation of stocks, it is important to bear in mind that when the net realisable value of stocks is lower than their acquisition price, the appropriate valuation adjustments need to be made by recognising them as an expense in the profit and loss account. These valuation adjustments can be reversed by recognising them as income in the profit and loss account when the circumstances that caused the initial valuation adjustment no longer apply.
• Acquiring cryptocurrencies as fixed assets: These are accounted for as fixed assets if they are to permanently remain in the company. The Spanish National Chart of Accounts’ Intangible Fixed Assets 5th AVS is applied for recording purposes in such cases.

2. Accounting and valuation of cryptocurrencies classified as intangible assets.

How we establish cryptocurrency valuation:

1. Initial valuation: As established in standard three of the Intangible Fixed Assets Resolution, items included in intangible fixed assets are valued at their cost, whether this is the purchase price or the production cost.

The following is an overview of initial valuation according to the three ways cryptocurrencies can be acquired:

• Original acquisition by mining cryptocurrencies: Where cryptocurrencies are obtained as a reward for mining, we understand we will need to determine the cost of production. The cost of production comprises all directly attributable costs necessary to create, produce and prepare the asset for operation.
• Derivative acquisition in the secondary market: If the cryptocurrencies have been acquired by an entity in the secondary market, for example, through currency exchange, the initial value will consist of the acquisition price and the commission costs associated with the transaction. It is worth noting that the supply of cryptocurrencies is considered a transaction subject to and exempt from VAT, meaning no VAT will be payable.

Example 1: Five bitcoins are purchased at a price of €50,000 per bitcoin. The initial valuation of the bitcoin and the accounting entry would be as follows:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
207	Bitcoins (Intangible Fixed Asset)	250,000
572	Banks		250,000

 

• An entity may accept cryptocurrencies as payment or in exchange for goods or services offered to its customers. In such cases, the company would be acquiring the cryptocurrencies (intangible fixed assets) in exchange for the provision of one or more non-monetary assets (provision of a good or service), making such a transaction an exchange for accounting purposes, potentially leading to earnings in the entity’s P&L account.

Example 2: A company sells furniture valued at €197,500.00 to a third party charging VAT of €52,500.00 (€197,500 + €52,500 = €250,000) and accepts the delivery of 5 bitcoins trading at €50,000 per bitcoin as payment. The accounting records would be as follows:

Sale of furniture:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
430	Customer	250,000
700	Sales		197,500.00
477	VAT Recovered		52,500.00

 

For the receipt of payment in cryptocurrencies:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
207	Bitcoins	250,000
430	Customer		250,000

* If there is a difference between the customer balance and the BTC due to changes in the fair value of the assets delivered, this difference will be taken against the P&L generating a corresponding additional outcome (income or expense).

b) Subsequent valuation: We need to consider amortisation and the possible impairment of cryptocurrencies for their subsequent valuation as intangible assets.

• Amortisation: All intangible assets are deemed to have a finite useful life and should therefore be amortised on a systematic basis over the period during which the financial benefits inherent in the asset can reasonably be expected to yield a return for the company. Where the useful life of these assets cannot be reliably estimated, they are amortised over the course of ten years.
• Impairment: At the end of the financial year at least, the company needs to assess whether there is any indication that cryptocurrencies qualifying as intangible assets are impaired. If this is the case, i.e. when the carrying amount of the cryptocurrencies is less than their recoverable amount, a loss from impairment has to be measured and recorded as the difference between the two values. For these purposes, the recoverable amount is the higher between their fair value minus selling costs, their value in use, and zero. As cryptocurrencies are listed assets, we understand that the reference to be considered is their fair value (listed value) at year-end. If an impairment in value does occur, it must be recorded in the P&L through expense account 690 ‘Intangible asset impairment losses’, which will have corresponding credit in account 290 ‘Impairment of intangible assets’ as a balancing entry. Once the impairment has been recorded, the following should be considered:

1. Amortisation modification: If the value of the cryptocurrencies has deteriorated, their amortisable value will also have been decreased in the loss, meaning the entity needs to recalculate the amounts to be amortised in future periods while considering this new value.
2. Impairment reversal: When the circumstances that led to the impairment of the cryptocurrencies no longer exist due to an increase in their price, the company needs to reverse the previously recorded loss. The reversal amount has a maximum limit of the carrying amount of the fixed asset that would have been recorded on the date of reversal if the impairment loss had not been recorded. The accounting recognition of the reversal needs to be recorded in the P&L account by crediting income account 790 ‘Reversal of impairment of intangible assets’, together with a corresponding charge to account 290 ‘Impairment of intangible assets’, which records the valuation adjustment and is derecognised.

Finally, it is worth noting that the amortisation base is increased with the reversal of impairment losses and companies need to recalculate the amortisation over the remaining useful life of the intangible assets.

c) Derecognition: Cryptocurrencies, like any other intangible asset, are derecognised when they are sold or otherwise disposed of (using them as a means of payment for exchanges in the acquisition of goods and services). In both cases, a corresponding gain or loss on the intangible asset is recognised in the profit and loss account. However, it is necessary to differentiate between the accounting treatment of these two cases:

• Derecognition upon sale of the cryptocurrency in exchange for legal tender: In selling cryptocurrencies in exchange for legal tender, the amount obtained minus the costs of sale will result in the profit or loss to be recognised in the profit and loss account upon derecognition of the intangible asset together with the corresponding derecognition for the accumulated amortisation.

Example 3: Suppose that the five bitcoins acquired for €50,000 a bitcoin are sold by the company through an exchange for an amount of €275,000 at the end of the third year after their acquisition (as their price has increased to €55,000 a bitcoin at the time of sale). The cryptocurrencies will have accumulated amortisation of €75,000 (at a rate of €25,000 per year, 1/10 of €250,000) that will be derecognised when sold, assuming they have not been subject to prior impairment. In this scenario, the company’s head office would generate a profit to be recorded in P&L of €100,000, which would be recorded in the P&L account in accordance with the following entry:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
207	Bitcoins		250,000
280	PY Intangible Fixed Assets	75,000
572	Banks	275,000
770	Profit from intangible fixed assets.		100,000

• Delivery of cryptocurrencies as payment for the acquisition of a good or service (exchange): In this case, we would again be dealing with a commercial exchange, whereby the good or service acquired has to be recorded at the fair value of the good delivered (i.e. at the value of the cryptocurrencies delivered as a means of payment), provided that the fair value of the good acquired is not more reliable and, in any event, being subject to the limit of the fair value of the good or service acquired. Based on the principle of equivalence of transactions, in the event the transaction takes place with a third party, it is reasonable to consider that, in principle, the value assigned to the good or service acquired (together with the corresponding VAT), will generally match the market value of the bitcoins delivered in exchange as payment, meaning it will be recorded at the latter value (with the limit of the fair value of the good acquired and deducting VAT where applicable).

Example 4: Suppose that an entity acquires furniture valued at €197,500.00 from a third party and pays VAT of €52,500.00 (so the total amount to be paid for the purchase would be €250,000.00). Instead of paying with money, the entity delivers the 5 bitcoins that trade at €50,000 a bitcoin as means of payment. These bitcoins were purchased at €45,000 a bitcoin two years earlier, with accumulated amortisation of €45,000 (2/10 of €225,000). The accounting record of the exchange would be as follows:

For purchasing equipment

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
213	Equipment	197,500
472	VAT Incurred	52,500
400	Supplier		250,000

 

For the derecognition of bitcoins delivered as remuneration

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
207	Bitcoins		225,000
280	PY Intangible Fixed Assets	45,000
400	Supplier	250,000
770	Profit from intangible fixed assets		70,000

 

3. Valuation and accounting treatment of cryptocurrencies classified as stocks:

When cryptocurrencies are intended for sale as part of the company’s ordinary course of business, they must be classified as stocks and, consequently, they must be recorded and valued in accordance with the 10th AVS of the Spanish National Chart of Accounts:

1. Initial valuation: Cryptocurrencies comprised as stocks are valued based on their cost, either the purchase price or the production cost[1], depending on how they were acquired. This means:
   • If the cryptocurrencies were obtained through mining, they are valued according to the production cost, and the standards set out in the section on intangible fixed assets can be applied.
   • If they were purchased from third parties for subsequent trading, they are valued at their purchase price, which corresponds to the amount invoiced by the vendor after incorporating all expenses directly attributable to the purchase such as any commission.
2. Subsequent valuation: In accordance with the provisions of section 2 of the 10th AVS of the Spanish National Chart of Accounts, it is essential to observe the following:
   • That the stocks are not subject to amortisation. Consequently, no annual expense should be recorded in the P&L account in this respect for cryptocurrencies classified as stocks.
   • That the corresponding adjustments for impairment should be made in the event that, at year-end, their net realisable value (i.e. the value that could be obtained from their sale, after deducting the costs necessary to make the sale) is lower than their purchase or production cost. Subsequently, if the circumstances that caused the correction in the value of the stocks no longer apply, the correction amount must be reversed and recognised as income in the profit and loss account.

Cryptocurrencies being classified as stocks may, therefore, result in recording expenses and income in the profit and loss account when they are impaired and for any subsequent reversal.

3. Derecognition: Since cryptocurrencies classified as stocks are intended for sale in the company’s ordinary course of business, they are derecognised when they are sold in exchange for legal tender. Accordingly, the amount obtained minus the costs of sale determines the profit or loss to be recognised in the P&L account when derecognising cryptocurrencies sold like stocks.
   • Section 1.3 of the 10th AVS of the Spanish National Chart of Accounts states that ‘When assigning value to specific goods that form part of a stock of interchangeable goods, the average price or weighted average cost method is generally adopted’.[2] This provides a uniform valuation of all exchangeable cryptocurrencies by averaging the total purchase or production costs with the number of cryptocurrencies purchased or produced.
   • Optionally, and although the previous method is prioritised, the 10th AVS of the Spanish National Chart of Accounts also allows the use of the FIFO method as an alternative if the company considers it more appropriate for its operations. This method assumes that the outflow of stocks occurs in the order of entry and, consequently, assigns the cost of cryptocurrencies sold according to the chronological order of their acquisition, from oldest to newest. Closing stocks are therefore valued at the cost of the last batch of cryptocurrencies acquired.

[1] (BOE.es – BOE-A-2007-19884 Royal Decree 1514/2007, 16 November, approving the Spanish National Chart of Accounts, n.d.) [Block 41: #A10]

[2] (BOE.es – BOE-A-2007-19884 Royal Decree 1514/2007, 16 November, approving the Spanish National Chart of Accounts, n.d.) [Block 41: #A10 #1.3]

Example 5: An entity acquires 5 bitcoins at a price of €40,000 per bitcoin and, later in the same year, acquires 5 bitcoins at a price of €50,000 per bitcoin. Due to the increase in the value of bitcoin in the same year, it decides to sell 7 bitcoins before the end of the year at a price of €52,000 per bitcoin. The accounting income will then vary depending on the method used by the company to assign value to the 7 derecognised bitcoins:

a) Using Weighted Average Cost: This method would give a weighted average price of €45,000 per bitcoin due to the following equation: [(5*40,000+5*50,000) / (5+5)]. The accounting income would amount to €49,000.00, as shown in the following breakdown together with the corresponding accounting entry:

WAP	45,000.00
A) Value assigned to the 7 BTCs to be derecognised (7*WAP)	315,000.00
UNIT SELLING PRICE (USP)	52,000.00
B) Total selling price (=7*USP)	364,000.00
ACCOUNTING INCOME (B-A)	49,000.00

 

Sale entry:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Bitcoins		315,000
572	Banks	364,000
700	Profit on sale of stock		49,000

b) Using FIFO: Using the FIFO method, the first stock in is considered to be the first stock out. In this case, of the 7 bitcoins sold, 5 are considered to correspond to the first batch purchased at €40,000 per bitcoin and the remaining 2 correspond to the second batch purchased at €50,000 per bitcoin, generating an accounting income of €64,000 as shown in the following breakdown:

FIFO
5 BTCs purchased at €40,000 per BTC	200,000
2 BTCs purchased at €50,000 per BTC	100,000
A) Value assigned to the 7 BTCs being derecognised	300,000
Unit selling price (USP)	52,000
B) Total selling price (=7*USP)	364,000
ACCOUNTING INCOME (B-A)	64,000

 

Sale entry:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Bitcoins		300,000
572	Banks	364,000
700	Profit on sale of stock		64,000

It is worth noting that in accordance with the accounting principle of uniformity, once a stock valuation method (WAP or FIFO) has been adopted, it must be uniformly maintained over time and applied to all the company’s stocks with similar characteristics or of a similar nature.

Example 6: An entity starts bitcoin mining operations on 1 January 2021 and prepares to hire an IT maintenance employee, rent premises, and purchase computer equipment, the costs of which are as follows:

Computer equipment: €3,000 (VAT included)

Monthly costs from 01/01/2021 to 31/01/2021

IT employee: Gross Salary €1,500 a month

Employee Social Security: €600 a month

Rent for premises: €600 a month

Cost of electricity: €1,000 a month

*Amortisation of computer equipment:

Amortisation of 25% per year

3,000 x 0.25 = €750 per year

750/12 months= €62.50 monthly sum

On 31 January 2021, it has obtained 1 BTC from its mining activity, the cost of obtaining this being:

Item	Allocated cost 01/01 to 31/01
Employee	1,500
Employee social security	600
Amortisation of computer equipment	62.50
Rent for premises	600
Cost of electricity	1,000
BTC Coste	3,762.50

Accounting entry 01/01/2020: Accounting for the addition of the fixed asset

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
21X	Fixed Assets	3,000
572	Banks		3,000

 

Accounting entry 31/01/2021: Accounting for personnel/supplies and rental costs

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
640/642	Salaries and Social Security	2,100
57X	Liquid Assets		2,100

*not taking personal income tax + employee social security into account

 

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
628	Supplies	1.000
621	Rent	600
57X/410	Liquid Assets/Creditor		1.600

 

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
681	Amortisation Sum	62,50
281	Amortisation Credit		62,50

 

On 31/01/2021, the stocks generated by mining during January are recorded accordingly:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Stocks	3,762.50
610	Change in Stocks		3,762.50

 

Costs from 01/02/2021 to 28/02/2021

IT employee: Gross Salary €1,500 a month

Employee Social Security: €600 a month

Rent for premises: €600 a month

Cost of electricity: €1,700 a month

Amortisation of 25% a year

3,000 x 0.25 = €750 per year

750/12 months= €62.50 monthly sum

On 28 February 2021, it has obtained 1 BTC from its mining activity, the cost of obtaining this being:

Item	Allocated cost 01/02 to 28/02
Employee	1,500
Employee social security	600
Amortisation of computer equipment	62.50
Rent for premises	600
Cost of electricity	1,700
BTC cost	4,462.50

Accounting entry 28/02/2021

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
640/642	Salaries and Social Security	2,100
57X	Treasury		2,100

* not taking personal income tax + employee social security into account

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
628	Supplies	1,700
621	Rent	600
57X/410	Banks /Creditor		2,300

 

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
681	Amortisation Sum	62,50
281	Amortisation Credit		62,50

On 28/02/2021, the stocks generated by mining during February are recorded accordingly:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Stocks	4,462.50
610	Change in Stocks		4,462.50

Costs from 01/03/2021 to 31/03/2021

IT employee: Gross Salary €1,800 a month

Employee Social Security: €700 a month

Rent for premises: €600 a month

Cost of electricity: €1,900 a month

Amortisation of 25% a year

3,000 x 0.25 = €750 per year

750/12 months= €62.50 monthly sum

On 31 March 2021, it has obtained 1 BTC from its mining activity, the cost of obtaining this being:

Item	Allocated cost 01/03 to 31/03
Employee	1,800
Employee social security	700
Amortisation of computer equipment	62.50
Rent for premises	600
Cost of electricity	1,900
BTC cost	5,062.50

 

Accounting entry 31/03/2021

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
640/642	Salaries and Social Security	2,500
572	Banks		2,500

* not taking personal income tax + employee social security into account

 

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
628	Supplies	1,900
621	Rent	600
57X/410	Banks/Creditor		2,500

 

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
681	Amortisation Sum	62.50
281	Amortisation Credit		62.50

On 31/03/2021, the stocks generated by mining during March are recorded accordingly:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Stocks	5,062.50
610	Change in Stocks		5,062.50

 

Let’s suppose we end the financial year on 31/03/2021.

We then adjust the BTC stocks:

Due to the increase in the value of BTC, on 1/04/2021, we can decide to sell 2.5 BTC at a price of €12,000 a unit.

A) Using Weighted Average Price (WAP): This method would yield a weighted average price of €4,429.16 per BTC, as a result of the following equation [(1*3762.50 + 1*4,462.50+1*5,062.50) / (1+1+1+1)]

3 BTC generated – 2.5 BTC sold: 0.50 BTC Closing stock

0.5 BTC * 4.429,16 = €2,214.58 Closing Stock Value

 

Weighted Average Price: €2,214.60

WAP	4,429.,16
A) Value assigned to the 2.5 BTC to be derecognised (2.5*WAP)	11,072.90
UNIT SELLING PRICE (USP)	12,000.00
B) Total selling price (=2.5*USP)	30,000.00
ACCOUNTING INCOME (B-A)	18,927.10

 

Accounting entry 1/04/2021: Accounting for the sale

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Merchandise		11,072.90
572	Banks	30,000
700	Profit on sale of stocks		18,927.10

After making the accounting entries for the year-end closing on 31/03/2021, the company obtains the following accounting results:

1. Sales	30,000.00
2. Operating expenses (-)	(6,400.00)
3. Change in stocks (+ -)	2,214.60
4. Personnel expenses (-)	(6,700.00)
5. Amortisations (-)*	(187.50)
6. Operating result (1+2+3+4+5)	19,027.10
Accounting result (5)	19,027.10

*amortisation on 31/12/2021 = 62.50 * 3 = 187.50

 

B) Using FIFO: In the FIFO method, the first stock in is considered to be the first stock out. In this case, of the 2.5 bitcoins sold, 1 would be considered to correspond to the first BTC mined at €3,762.50 per bitcoin, the second at €4,462.50 per bitcoin and the remaining 0.50 at €5,062.50 per bitcoin, generating an accounting income of €19,243.75 as shown in the following breakdown:

FIFO
1 BTC mined at €3,762.50 per BTC	3,762.50
1 BTC mined at €4,462.50 per BTC	4,462.50
0.5 BTC mined at €5,062.50 per BTC	2,531.25
A) Value assigned to the 2.50 BTC that are derecognised	10,756.25
Unit selling price (USP)	12,000.00
B) Total selling price (=2.50*USP)	30,000.00
ACCOUNTING INCOME (B-A)	19,243.75

 

Sale entry:

ACCOUNT	DESCRIPTION	DEBIT	CREDIT
300	Merchandise		10,756.25
572	Banks	30,000
700	Profit on Sale of Stocks		19,243.75

*It should be noted that, in accordance with the accounting principle of uniformity, once a stock valuation method (WAP or FIFO) has been adopted, it must be uniformly maintained over time and applied to all the company’s stocks with similar characteristics or of a similar nature.

After making the year-end accounting entries as of 31/03/2021, the company obtains the following accounting results:

1. Sales	30,000.00
2. Operating expenses (-)	(6,400.00)
3. Change in stocks (+ -)	2,531.25
4. Personnel expenses (-)	(6,700.00)
5. Amortisations (-) *	(187.50)
6. Operating result (1+2+3+4+5)	19,243.75
Accounting result (5)	19,243.75

* amortisation on 31/12/2021 = 62.50 * 3 = 187.50

 

The foregoing, unless there are any involuntary errors or omissions, constitutes our opinion on the subject in question, to the best of our knowledge and understanding, in accordance with the applicable legislation, which we gladly concede to any other view better founded in law and make subject to the standards that may be established by jurisprudence in the future.

[1] (BOE.es – BOE-A-2007-19884 Real Decreto 1514/2007, de 16 de noviembre, por el que se aprueba el Plan General de Contabilidad., s. f.) [Bloque 41: #A10]

[2] (BOE.es – BOE-A-2007-19884 Real Decreto 1514/2007, de 16 de noviembre, por el que se aprueba el Plan General de Contabilidad., s. f.) [Bloque 41: #A10 #1.3]