Publication: Provocări contabile aferente recunoașterii criptovalutei
Date
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Description
BAJAN, Maia, MOISEI, Ana. Provocări contabile aferente recunoașterii criptovalutei. In: Provocările contabilităţii în viziunea tinerilor cercetători [online]: culeg. de articole șt.: conf. șt. intern., 12-13 martie 2020. Ed. a 4-a. Chişinău: ASEM, 2020, pp. 37-41. ISBN 978-9975-75-981-6.
The article aim is to study the role of cryptocurrency in the modern financial system in special in accounting system. For study, we used the methods of synthesis and analysis, formalization, and specification. Central banks and state authorities mostly refuse to acknowledge that cryptocurrencies are money, yet the number of payment transaction using cryptocurrencies is increasing and cryptocurrencies form a non-negligible. The rise of cryptocurrencies raises also question of how to account for them. Using empirical evidence from economic literature, the economists discusses the properties of cryptocurrencies as cash and as investment asset. The paper focuses on two common situations when firms deal with cryptocurrencies: receiving cryptocurrencies as a means of payment or acquiring cryptocurrencies for investment purposes. Based on this analysis, potential accounting models under IFRS are developed and discussed regarding the motivation with which an entity acquires cryptocurrencies. Arguments are presented to show that a fair value model is the most relevant for investment purposes and a foreigh currency approach is appropriate for payment transactions. JEL: M41, M13, M14
The article aim is to study the role of cryptocurrency in the modern financial system in special in accounting system. For study, we used the methods of synthesis and analysis, formalization, and specification. Central banks and state authorities mostly refuse to acknowledge that cryptocurrencies are money, yet the number of payment transaction using cryptocurrencies is increasing and cryptocurrencies form a non-negligible. The rise of cryptocurrencies raises also question of how to account for them. Using empirical evidence from economic literature, the economists discusses the properties of cryptocurrencies as cash and as investment asset. The paper focuses on two common situations when firms deal with cryptocurrencies: receiving cryptocurrencies as a means of payment or acquiring cryptocurrencies for investment purposes. Based on this analysis, potential accounting models under IFRS are developed and discussed regarding the motivation with which an entity acquires cryptocurrencies. Arguments are presented to show that a fair value model is the most relevant for investment purposes and a foreigh currency approach is appropriate for payment transactions. JEL: M41, M13, M14
Keywords
cryptocurrency, recognition, IFRS, financial reportingt, financial instruments, fair value