Crypto Assets in the System of Accounting and Reporting
Brukhanskyi R. F., Spilnyk I. V.

Brukhanskyi, Ruslan F., and Spilnyk, Iryna V. (2019) “Crypto Assets in the System of Accounting and Reporting.” The Problems of Economy 2:145–156.
https://doi.org/10.32983/2222-0712-2019-2-145-156

Section: Economic statistics. Accounting and Auditing

UDC 657.1.012.1:336.74

Abstract:
The aim of the article is to identify and justify the prospects for solving the problem of integrating new cryptographic objects into the accounting and reporting system. Despite the lack of legal and regulatory framework for using the attributes of the digital economy, the emphasis is placed on the need to generate the accounting status of crypto assets. The problems of crypto assets (cryptocurrencies and other, different form cryptocurrencies, tokenized assets) as accounting objects are identified. The issue of identification of cryptocurrencies for accounting purposes (cash, cash equivalents, currency, commodities, stocks, financial investments, intangible assets, etc.) is investigated. There defined problems of documentary evidence of transactions performed with crypto assets; identification of the type of assets to which certain tokenized assets should be attributed; determination of the method for evaluating crypto assets in order to ensure a reliable reflection of their value; ensuring an adequate system of internal control of transactions with crypto assets. There formulated an assumption about the problematic nature of the application of a universal approach to the reflection of crypto assets in the accounting system due to their diversity and differences in the functions they perform. It is recognized that the accounting of crypto assets is rather complex in terms of methodology, but it is an extremely new and promising problem that requires a comprehensive solution.

Keywords: crypto assets, cryptocurrency, blockchain, token, coin, object of accounting, digital economy, crypto industry.

Fig.: 2. Tabl.: 1. Bibl.: 17.

Brukhanskyi Ruslan F. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Accounting and Economical and Legal Support of Agroindustrial Business, Ternopil National Economic University (11 Lvіvska Str., Ternopil, 46020, Ukraine)
Email: r.brukhanskyi@gmail.com
Spilnyk Iryna V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Economical and Legal Support of Agroindustrial Business, Ternopil National Economic University (11 Lvіvska Str., Ternopil, 46020, Ukraine)
Email: ispilnyk@yahoo.com

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