The effect of adopting tokenized assets on accounting discretion in fair value measurement under IFRS 9 and IFRS 13

Blockchain technology poses significant challenges for asset classification, valuation hierarchy, and disclosure under IFRS 9 and IFRS 13. Given that observable market prices are often unavailable, entities rely on Level 3 internal valuation models, which reduces comparability between companies. This study examines how the adoption of tokenized assets affects accounting discretion in fair value measurement under IFRS 9 and IFRS 13. The analysis uses panel data from 2,735 Peruvian companies (687 financial, 724 industrial, 658 commercial, and 666 service companies) selected from the database of the Superintendency of Securities Market using systematic exclusion criteria based on the explicit adoption of IFRS 9/13 and complete financial statements for 2020-2024. An ordinary least squares regression with robust standard errors and fixed effects was applied to test three hypotheses. The results show that tokenization significantly increases accounting discretion in fair value measurement (β = 0.284, p < 0.001, R² = 0.694), contradicting expectations that blockchain reduces discretion. Fair value measurement using the IFRS 13 Level 3 hierarchy also increases discretion (β = 0.219, p < 0.001), while greater disclosure is associated with greater discretion (β = 0.173, p < 0.01). Conversely, larger companies (β = −0.104, p < 0.001) and Big Four audits (β = −0.142, p < 0.01) are associated with lower discretion. All three hypotheses were confirmed across all sectors, and sensitivity analyses support their robustness. The results underscore the need for stronger regulatory guidance and greater oversight of audits in digital asset accounting under IFRS 9 and IFRS 13.