Both my friend and me work for fund accounting (he's in the hedge fund accounting and I'm in mutual funds) and while I understand that hedge fund managers often trade even volatile commodities and securities, there may still be accounting standards applicable to them (somehow).

Personally though I haven't encountered cryptocurrency trading in our accounting books since IMO mutual funds are more conservative but I am genuinely curious as to how would you record cryptocurrency and what would be the accounting standard for it? My friend and I are currently discussing that it may be treated as an intangible asset under IAS 38 but since the client is trading it on a daily basis and their nature of business includes securities and commodities trading, maybe IFRS 9 is also applicable? Either way I can't wait for the day that the FRC would issue a new standard specifically governing cryptocurrency because will be at my wits end if ever I have to record it in my books and present them in the FS.

Would love to hear your thoughts!