At the same time, the authors note that the valuation should take place at fair value
as a financial asset measured at fair value reflecting the result of revaluation in the total
income [2].
In our opinion, it is expedient to consider cryptocurrency as a means of payment
and to reflect it in the account in this way:
Creation (mining) of cryptocurrency:
“Cryptocurrency Mining” Debit - “Settlements with other creditors” Credit
Cryptocurrency purchase:
“Cryptocurrency purchase” Debit - “Settlements with other creditors” Credit
Cryptocurrency payments:
“Stocks” Debit - “Payments with suppliers and contractors” Credit
“Payments with suppliers and contractors” Debit - “Cryptocurrency as a means of
payment” Credit
CONCLUSION
Since the beginning of 2017 cryptocurrency have become widespread and have
an impact on society. Despite the rapid growth of cryptocurrency popularity, today
there is no single, worldwide recognized definition, which would clearly reveal the
essence and economic nature of cryptocurrency. However, we can confidently say that
it is expedient to define a cryptocurrency as a virtual currency and equate it with
payment facilities of business entities.
To develop a transparent market for cryptocurrency, first of all, it is necessary to
create legal conditions. In Ukraine, the first steps have been taken to legalize and
develop the cryptocurrency market: law projects “On the circulation of cryptocurrency
in Ukraine” and “On stimulating cryptocurrency market and their derivatives in
Ukraine”. However, at the moment they still remain projects.
Conducting research on scientific achievements of both Ukrainian and foreign
scholars in relation to accounting for cryptocurrency transactions should meet IFRS,
and for this purpose it is necessary to develop a new standard, which will
comprehensively define the methodological principles of formation in the accounting
information about cryptocurrency and, accordingly, adapt it to Ukrainian practice in
the form of R (S) A.
BIBLIOGRAPHICAL REFERENCES
1.
Jacyk, T.V. (2017), Methods of financial accounting of cryptocurrency as
special type of electronic money Young Scientist, No. 2 (42), pp. 349–354.
2.
Petruk, O.M., Novak, O.S. (2017) Essence of cryptocurrency as
methodological prerequisite of its accounting reflection The journal of Zhytomyr state
technological university. series: economics, No 4 (82). - pp.48-55
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