Accounting of crypto assets: international experience and domestic prospects
DOI:
https://doi.org/10.58423/2786-6742/2024-6-235-248Keywords:
cryptoassets, cryptocurrency, intangible assets, cryptoasset accountingAbstract
The rapid development of cryptocurrencies, their growing number and popularity among market participants require their regulatory regulation, definition and development of accounting rules. More and more companies around the world accept payment for their services in cryptocurrency. Ukraine was ranked among the Top 30 countries with the highest level of cryptocurrency ownership in 2024. This growth is happening amid virtually no regulatory framework. In recent years, several bills have been drafted but have not been adopted. This regulatory vacuum does not allow for any steps to be taken to regulate cryptocurrency accounting. The terminology remains unregulated. The terms used to define blockchain-based tools include virtual assets, cryptocurrencies, and tokenised assets. These terms are often used synonymously, although each of them has its own meaning. The issue of lack of regulation is relevant not only for our country. The European Union and the United States of America are only this year implementing regulations on the regulation of crypto assets. As for the accounting of cryptoassets, in the absence of a unified methodology, individual countries have developed their own rules, and in different countries, cryptocurrencies are considered to be private money, currency, property, and purchased receivables. IFRS do not provide uniform rules for regulating the accounting of crypto assets. Instead, in the United States, GAAP was amended at the end of 2023 to become effective from December 2024. These amendments relate to the accounting for intangible assets, including crypto assets, which should be reported separately in the statement of financial position. An accounting methodology has been developed, which is characterised by the use of certain methods of inventory write-down. This is appropriate given the high volatility of cryptocurrencies. A revolutionary breakthrough in cryptocurrency accounting has taken place, but much work remains to be done to improve the accounting methodology. In particular, the issue of heterogeneity of crypto assets is not taken into account, which requires further research and development.
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