Beyond the Holder: An Issuer-Side Accounting Framework for Token Issuance, Airdrops, Governance Tokens, and Web3 Loyalty Programmes

Abstract

This paper develops a principles-based issuer-side accounting framework for token issuance, promotional airdrops, governance tokens, utility tokens and Web3 loyalty programmes. It argues that tokens should be classified according to the economic substance of the rights and obligations created by the issuer, rather than by their technological form. The framework is anchored in IAS 32, IFRS 9, IFRS 15, IAS 37, the IFRS Conceptual Framework, U.S. GAAP analogues and Brazilian CPC literature. It is intended to support technical analysis by preparers, auditors, academics, regulators and accounting standard-setters.