Issue №: 2 (64)
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.
CRYPTOCURRENCY AS AN OBJECT OF ACCOUNTING: PROBLEMS OF RECOGNITION
PRAVDIUK Nataliia − Doctor of Economic Sciences, Professor, Head of the Department of Accounting, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: npravduyk@gmail.com).
PRAVDIUK Maryna– Candidate of Economic Sciences, Associate Professor of the Department of Accounting and Taxation in Economic Sectors, Vinnytsia National Agrarian University (21008, Vinnytsia, 3 Soniachna Str., e-mail: a.pravd4449@gmail.com).
The economic essence of cryptocurrencies and digital technologies were substantiated in the article. Also the article defines their role and significance in global economic processes. It has been established that the reason for the rapid growth in the popularity of cryptocurrencies lies in their advantages over traditional money, in particular, in decentralization, speed and ease of transactions, a high level of security through the use of cryptographic technologies, etc. At the same time, it has been established that the use of cryptocurrencies poses threats associated with the risk of stability of the global financial and economic system, significant volatility in the value of cryptocurrencies, the uncertainty of their legal status, insufficient controllability of transactions, etc. It is substantiated that the widespread use of cryptocurrencies in business processes and their use as an investment object requires proper legal regulation of operations with digital assets. The current state of the regulatory framework for the circulation of cryptocurrency and approaches to its recognition as an object of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) are analyzed. It has been established that the enterprises, when recognizing cryptocurrency as an object of accounting, assessing its value and subsequently displaying information in the system of accounting accounts and financial statements, are guided by various accounting standards that are currently available, and therefore there are threats of inconsistencies or distortions of information about the financial condition of the enterprise, its liquidity and solvency, net asset value, etc. To solve this problem, the expediency of developing the special accounting standards by the regulatory authorities that define the generally accepted methodological foundations for displaying information about cryptocurrencies in the accounting system of enterprises is substantiated. Taking into account the specific properties and characteristics of cryptocurrencies, it is recommended to introduce a separate category of assets for cryptocurrencies and disclose information about them in the company’s balance sheet before the item «Cash and its equivalents» in order to maintain the order of liquidity of asset allocation.
1. Global Crypto Industry Overview and Trends [2022-2023 Annual Report] (2022, December 08). medium.com. Retrieved from: https://medium.com/huobi-research/global-crypto-industry-overview-and-trends-2022-2023-annual-report-first-part-e15372f29c [in English].
2. Lennart, A. (2020). A place next to Satoshi: foundations of blockchain and cryptocurrency research in business and economics. Scientometrics, 124, 1305-1333. DOI: 10.1007/s11192-020-03492-8 [in English].
3. Khan, R., & Hakami, T. (2022). Cryptocurrency: usability perspective versus volatility threat. Journal of Money and Business, 2, 1, 16-28. DOI: 10.1108/JMB-11-2021-0051 [in English].
4. Makurin, A.A. (2021). Vidobrazhennia kryptovaliuty v bukhhalterskomu obliku [Display of cryptocurrency in accounting]. Ekonomichni horyzonty – Economies’ Horizons, 3(14), 13-22. DOI: 10.31499/2616-5236.3(14).2020.224794 [in Ukrainian].
5. Makurin, A.A. (2020). Lehalizatsiia kryptovaliuty ta vidobrazhennia v obliku tsyfrovykh aktyviv [Legalization of cryptocurrency and display in accounting of digital assets]. Infrastruktura rynku – Market infrastructure, 49, 319-323. DOI: 10.32843/infrastruct49-55 [in Ukrainian].
6. Pokynchereda, V.V., & Bondarenko, V.M. (2022). Kryptovaliuta: ekonomichna sutnist ta pidkhody do oblikovoho vidobrazhennia [Cryptocurrency: Economic Essence and Accounting Approaches]. Efektyvna ekonomika – Efficient economy, 9. nayka.com.ua. Retrieved from: https://nayka.com.ua/index.php/ee/article/view/536/543. DOI: 10.32702/2307-2105.2022.9.11 [in Ukrainian].
7. Kovalova, T.V. (2020). Stanovlennia ta shliakhy udoskonalennia obliku kryptovaliut [Formation and ways to improve the accounting of crypto currencies]. Problemy i perspektyvy rozvytku pidpryiemnytstva – Problems and prospects of entrepreneurship development, 1 (24), 90-100. DOI: 10.30977/PPB.2226-8820.2020.24.0.90 [in Ukrainian].
8. Zakharchenko, V.I. (2022). Yaki hroshi stanut meinstrymom hroshovoho obihu – elektronni chy virtualni? [What money will become a mainstream cash flow – electronic or virtual?]. Ekonomika, finansy, menedzhment: aktualni pytannia nauky i praktyky – Economy, finances, management: topical issues of science and practical activity, 2 (60), 22-36. DOI: 10.37128/2411-4413-2022-2-2 [in Ukrainian].
9. Ramassa, P., & Leoni, G. (2022). Standard setting in times of technological change: accounting for cryptocurrency holdings. Accounting, Auditing & Accountability Journal, 35, 7. 1598-1624. DOI 10.1108/AAAJ-10-2020-4968 [in English].
10. Chou, J.H., Agrawal, P., & Birt, J. (2022). Accounting for crypto-assets: stakeholders’ perceptions. Studies in Economics and Finance, 39, 3, 471-489. DOI: 10.1108/SEF-10-2021-0469 [in English].
11. Luo, M. & Yu, Sh. (2022). Financial reporting for cryptocurrency. Review of Accounting Studies. DOI: 10.1007/s11142-022-09741-w. Retrieved from: https://link.springer.com/article/10.1007/s11142-022-09741-w. DOI: 10.1007/s11142-022-09741-w [in English].
12. Krupka, Ya., & Okrenets, V. (2020). Kryptovaliuta yak obiekt obliku i dzherelo eknomichnykh vyhod [Cryptocurrency as an Object of Accounting and a Source of Economic Benefits]. Visnyk ekonomiky – Bulletin of the economy, 3, 238-251. DOI:10.35774/visnyk2020.03.238 [in Ukrainian].
13. Hurina, N.V. (2020). Ekonomichna sutnist kryptovaliuty yak metodolohichna peredumova vidobrazhennia yii v bukhhalterskomu obliku [Economic Essence of Cryptovoluty as a Methodological Prerequisite for Its Reflection in Accounting]. Ukrainskyi ekonomichnyi chasopys – Ukrainian Economic Journal, 5, 42-51. DOI 10.33244/2617-5932.5.2020.42-51 [in Ukrainian].
14. Ozeran, A.V., & Korshykova, R.S. (2020). Vyznannia kryptovaliuty u finansovii zvitnosti: aktyv chy vytraty [Recognition of Cryptocurrency in Financial Statements: Assets or Expenses]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia: Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo – Scientific Bulletin of the Uzhhorod National University. Series: International economic relations and the world economy, 33 (1), 130-135. DOI: 10.32782/2413-9971/2020-33-23 [in Ukrainian].
15. Fedorov, S. (2019). Derzhavnyi finansovyi kontrol i kryptovaliutni operatsii: poza mezhamy prava [State Financial Control and Cryptocurrency Transactions: Beyond the Law]. Pidpryiemnytstvo, hospodarstvo i pravo – Entrepreneurship, economy and law, 3, 218-222 [in Ukrainian].
16. Spilnyk, I., & Yaroshchuk, O. (2020). Instytualizatsiia kryptovaliuty: rehuliuvannia, pravovyi status, oblik i opodatkuvannia [Institutionalization of Cryptocurrency: Regulation, Legal Status, Accounting and Taxation]. Instytut bukhhalterskoho obliku, kontrol ta analiz v umovakh hlobalizatsii – Institute of Accounting, Control and Analysis in the Conditions of Globalization, 2, 81-92. DOI: 10.35774/ibo2020.02.081 [in Ukrainian].
17. The official website of CoinMarketCap. coinmarketcap.com. Retrieved from: https://coinmarketcap.com/uk/ [in English].
18. Petrivskyi, O. (2023). Viina zmitsnyla pozytsii kryptovaliuty ta fintekhu v Ukraini: shcho dali [The war strengthened the position of cryptocurrency and fintech in Ukraine: what’s next]. minfin.com.ua. Retrieved from: https://minfin.com.ua/ua/crypto/articles/voyna-ukrepila-pozicii-kriptovalyuty-chego-zhdat-dalshe/ [in Ukrainian].
19. Pro virtualni aktyvy: Zakon Ukrainy № 2074-ІХ [About virtual assets: Law of Ukraine № 2074-ІХ]. (2022, February 17). zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/2074-20#Text [in Ukrainian].
20. Holdings of cryptocurrencies. IFRS Developments. (2019, June 19). ifrs.org. Retrieved from: https://www.ifrs.org/content/dam/ifrs/ meetings/2019/june/ifric/ap12-holdings-of-cryptocurrencies.pdf [in English].
21. Mizhnarodnyi standart bukhhalterskoho obliku 2 «Zapasy» [International Accounting Standard 2 «Inventories»]. (2012, January 01). zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/929_021#Text [in Ukrainian].
22. Mizhnarodnyi standart bukhhalterskoho obliku 38 «Nematerialni aktyvy» [International Accounting Standard 38 «Intangible assets»]. (2012, January 01). zakon.rada.gov.ua. Retrieved from: https://zakon.rada.gov.ua/laws/show/929_050 #Text [in Ukrainian].
23. The official website of AICPA. Accounting for and Auditing of Digital Assets practice aid. aicpa-cima.com. Retrieved from: https://www.aicpa-cima.com/resources/download/accounting-for-and-auditing-of-digital-assets-practice-aid-pdf [in English].
24. The official website of FASB. asc.fasb.org. Retrieved from: https://asc.fasb.org/ [in English].
About journal
051 Economics
071 Accounting and taxation
072 Finance, banking and insurance
073 Management
075 Marketing
076 Business, trade and exchange activities
241 Hotel, restaurant and catering
281 Public administration
The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine".
The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281
(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).
The journal “Economy, finances, management: Topical issues of science and practice” has a Digital Object Identifier (DOI)
The journal “Economy, finances, management: Topical issues of science and practice” is indexed in such database as Index Copernicus Value (https://journals.indexcopernicus.com/search/form)
The editorial board of the journal is guided by the principles of scientific, objectivity, professionalism, informational support of the most significant innovative researches, observance of standards of publishing ethics.
The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.
Objectives of the journal:
- publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
- expanding partnerships with international scientific publishing organizations;
- enhancing the culture of reviewing and annotating published material;
- adherence to editorial ethics.
Article publishing is a paid service. Cost for printing in professional publications in accordance with the Decree of the Cabinet of Ministers of Ukraine of August 27, 2010 No. 796 "On approval of the list of paid services that can be provided by state educational institutions, other institutions of the educational system belonging to state and communal ownership" and the order Rector of the Higher Education University Mazura VA dated March 14, 2018 No. 93 “On setting the cost of printing in professional editions of the University”.
The cost of printing one page in professional editions of the university is 60 UAH.
An additional copy of the magazine with the mailing list costs 450 UAH.
Recipient: Vinnytsia National Agrarian University MFO 820172 Current account No. 31256282102055 Code 00497236 Bank State Treasury Service of Ukraine, Kyiv. VAT payer code 004972302286. Registration number 100271744. Purpose of payment: for printing an article in the journal: ”Economy, finances, management: Topical issues of science and practical activity "
It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)
According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
