Approaches to and Methodological Basis of Accounting for Intangible Assets Generated in Cryptocurrency
Labunska S. V., Serikova T. M., Sobakar M. V.

Labunska, Svitlana V., Serikova, Tatiana M., and Sobakar, Marharyta V. (2021) “Approaches to and Methodological Basis of Accounting for Intangible Assets Generated in Cryptocurrency.” The Problems of Economy 2:225–235.
https://doi.org/10.32983/2222-0712-2021-2-225-235

Section: Economic statistics. Accounting and Auditing

UDC 657.222

Abstract:
The article aims at assessing cryptocurrency dynamics in global economy; studying the prospects and risks of its use in business activities; suggesting approaches to recognize, record and value cryptocurrency in the accounting system of domestic enterprises. The article considers the prospects and risks of using cryptocurrencies by domestic businesses and identifies the importance of developing digital assets at an enterprise. The urgency of developing such accounting and of the necessity to manage cryptocurrencies at an enterprise is substantiated. It is established that the attitude to cryptocurrency and the level of development of the regulatory field significantly vary from state to state, and thus international regulations govern neither the use of nor accounting for such assets. The article substantiates the compliance of cryptocurrency with the recognition criteria for enterprise assets, thus making it necessary and possible for an enterprise accounting system to recognize cryptocurrency. The authors substantiate the options for attributing cryptocurrency to various types of enterprise assets. Due to the lack of regulation of cryptocurrency accounting at the legislative level, guidelines are suggested for the cryptocurrency accounting process, which include options for classifying cryptocurrency depending on the purpose of its use, namely: classifying cryptocurrency as intangible enterprise assets, but distinguishing between current and non-current assets, and monetary and non-monetary ones. Each of these options is accompanied by the use of separate accounts and the order of recording the valuation, use and disposal of cryptocurrency. Necessity to revalue cryptocurrencies due to their high volatility is substantiated. It is suggested to conduct revaluation of cryptocurrency to ensure objective valuation of assets and that of the enterprise in the form of revaluation (increase/decrease in the value) and by determining exchange rate differences.

Keywords: accounting, cryptocurrency, intangible assets, monetary items, valuation.

Fig.: 2. Tabl.: 3. Bibl.: 21.

Labunska Svitlana V. – Doctor of Sciences (Economics), Professor, Professor, Department of Accounting and Business Consulting, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkіv, 61166, Ukraine)
Email: svetlana.lab@gmail.com
Serikova Tatiana M. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Accounting and Business Consulting, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkіv, 61166, Ukraine)
Email: serikovatatiana2018@gmail.com
Sobakar Marharyta V. – Postgraduate Student, Department of Accounting and Business Consulting, Simon Kuznets Kharkiv National University of Economics (9a Nauky Ave., Kharkіv, 61166, Ukraine)
Email: rita.vikt@gmail.com

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