REPORTING OF CRYPTOCURRENCIES ON FINANCIAL STATEMENTS

Year 2024, Volume: 25 Issue: 1, 354 - 383, 25.03.2024

Kerem Sarıoğlu , Ceren Özveren

https://doi.org/10.53443/anadoluibfd.1314992

Cited By: 1

Abstract

Establishing international and national accounting rules for the reporting of cryptocurrencies is still in progress. For this reason, companies report their cryptocurrencies on their financial statements by determining accounting policies based on existing rules. This study aims to examine the accounting policies for cryptocurrency determined by the companies that have cryptocurrencies as assets. The financial statements of the companies were prepared in accordance with US-GAAP or IFRS. Therefore, the differences between US-GAAP and IFRS applications are compared and the differences are shown. The financial statements of 50 publicly traded companies in the world were analyzed. 41 firms listed their cryptocurrencies as a separate item at balance sheet. The most used accounts for cryptocurrencies are current intangible assets and non-current intangible assets. Only 1 firm presented cryptocurrencies in cash flows from financing activities at cash flow statement.

Keywords

Cryptocurrency, Accounting, Financial Reporting, IFRS, US-GAAP

KRİPTO PARALARIN FİNANSAL TABLOLARDA RAPORLANMASI

Abstract

Kripto paraların raporlanması ile ilgili uluslararası ve ulusal düzeyde kurallar henüz oluşturulma aşamasındadır. İşletmeler, bu nedenle mevcut raporlama ilkeleri üzerinden muhasebe politikaları belirleyerek, sahip oldukları kripto paraları finansal tablolarında raporlamaktadırlar. Bu çalışmanın amacı kripto paraya sahip işletmelerin bu varlıkları ile ilgili belirledikleri muhasebe politikalarının incelenmesidir. Bu yapılırken uygulamayı etkileyen boyutuyla henüz taslak aşamasında olan farklı muhasebe kuralları da incelenmiştir. İnceleme kapsamındaki işletmelerle ilgili elde edilen finansal tablolar US-GAAP veya UFRS’ye göre düzenlenmiştir. Bu nedenle, US-GAAP ve UFRS uygulamaları arasında karşılaştırma yapılarak, farklılıklar gösterilmiştir. Çalışma kapsamında Dünya’da halka açık şirket statüsünde olan 50 şirketin finansal tabloları incelenmiştir. İncelenen şirketlerde 41 tanesi sahip olduğu kripto paraları ayrı bir kalem olarak raporlamıştır. En fazla raporlama yapılan sınıflandırma ise maddi olmayan dönen varlıklar ve maddi olmayan duran varlıklar şeklinde olmuştur. Nakit akış tablosunda ise sadece 1 şirket kripto paraları finansmandan sağlanan nakit akışları kısmında raporlamıştır.

Keywords

Kripto Para, Muhasebe, Finansal Raporlama, UFRS, US-GAAP

References

• ACCA (t.y.). Accounting for cryptocurrencies. https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-reporting/technical-articles/cryptocurrencies.html adresinden erişildi.
• American Institute of Certified Public Accountants, [AICPA]. (2023). Practice aid: Accounting for and auditing of digital assets. https://www.aicpa-cima.com/resources/download/accounting-for-and-auditing-of-digital-assets-practice-aid-pdf adresinden erişildi.
• Alıcı, M. & Yanık, S. (2022). Kripto varlıkların muhasebeleştirilmesi. Muhasebe Bilim Dünyası Dergisi, 24 (MODAVICA Özel Sayısı), 256-297. doi: 10.31460/mbdd.1066621
• Alsalmi, N., Ullah, S., & Rafique, M. (2023). Accounting for digital currencies. Research in International Business and Finance, 64, 1-10. doi: 10.1016/j.ribaf.2023.101897
• Anderson, C. M., Fang, V. W., Moon, J., & Shipman, J. E. (2022). Accounting for cryptocurrencies (Georgia Tech Scheller College of Business Research Paper No. 4294133). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4294133 adresinden erişildi.
• Aslan, Ü. (2020). Kripto para muhasebesi üzerine yapılan tartışmalar ve finansal raporlama üzerindeki etkileri. TİDE Academia Research, 2(2), 257-286.
• CPA Canada. (2018). An introduction to accounting for cryptocurrencies. https://www.cpacanada.ca/en/business-and-accounting-resources/financial-and-non-financial-reporting/international-financial-reporting-standards-ifrs/publications/accounting-for-cryptocurrencies-under-ifrs adresinden erişildi.
• Coinmarketcap. (2023). Today's cryptocurrency prices by market cap. https://coinmarketcap.com/ adresinden erişildi.
• Deloitte. (2018). Financial reporting alert 18–9: classification of cryptocurrency holdings. https://www2.deloitte.com/content/dam/Deloitte/us/Documents/audit/ASC/FRA/2018/us-aers-fra-classification-of-cryptocurrency-holdings.pdf adresinden erişildi.
• European Central Bank, [ECB]. (2015). Virtual currency schemes – a further analysis. https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemesen.pdf adresinden erişildi.
• EY. (2018). Accounting for crypto-assets. https://www.ey.com/en_gl/ifrs-technical-resources/ifrs-accounting-for-crypto-assets adresinden erişildi.
• EY. (2021). Applying IFRS accounting by holders of crypto assets, https://www.ey.com/en_gl/ifrs-technical-resources/accounting-by-holders-of-crypto-assets-updated-october-2021 adresinden erişildi.
• Financial Accounting Standards Board [FASB]. (1998). The framework of financial accounting concepts and standards, special report. https://www.fasb.org/document/blob?fileName=FASB_Special_Report-The_Framework_of_Financial_Accounting_Concepts_and_StandardsConceptual_Framework.pdf adresinden erişildi.
• Financial Accounting Standards Board, [FASB]. (2023a). Proposed accounting standards update. intangibles-goodwill and other-crypto assets (Subtopic 350-60). Accounting for and disclosure of crypto assets. Exposure draft. https://www.fasb.org/document/blob?fileName=Prop%20ASU%E2%80%94Intangibles%E2%80%94Goodwill%20and%20Other%E2%80%94Crypto%20Assets%20(Subtopic%20350-60)%E2%80%94Accounting%20for%20and%20Disclosure%20of%20Crypto%20Assets.pdf adresinden erişildi.
• Financial Accounting Standards Board [FASB]. (2023b). FASB seeks public comment on proposed improvements to the accounting for and disclosure of certain crypto assets. https://www.fasb.org/page/getarticle?uid=fasb_Media_Advisory_03-23-23 adresinden erişildi.
• Financial Stability Board [FSB]. (2018). Crypto-asset markets. Potential channels for future financial stability implications. https://www.fsb.org/wp-content/uploads/P101018.pdf adresinden erişildi.
• Grant Thornton. (2018). IFRS viewpoint. accounting for cryptocurrencies - the basics. https://www.grantthornton.global/globalassets/1.-member-firms/global/insights/article-pdfs/ifrs/ifrs-viewpoint-9---accounting-for-cryptocurrencies--the-basics.pdf adresinden erişildi.
• Gröblacher, M. (2018). Cryptocurrencies (Bitcoins) in financial reporting-New challenge for accountants. FINIZ 2018-The Role of Financial and Non-Financial Reporting in Responsible Business Operation, 88-93. doi: 10.15308/finiz-2018-88-93.
• Güdelci, E. N. (2020). UFRS kapsamında kripto para işlemlerinin muhasebeleştirilmesi: Kripto paralar gerçekten para mı?. Muhasebe Bilim Dünyası Dergisi, 22(2), 237-257. doi: 10.31460/mbdd.637870
• Hartley, A. (2019). Financial reporting of cryptocurrency (Yayımlanmamış Yüksek Lisans Tezi). University of Tennessee at Chattanooga, Chattanooga.
• Kieso D., Weygandt, J. & Warfield, T. (2014). Intermediate accounting IFRS edition (2. Basım). Hoboken, NJ: John Wiley & Sons, Inc.
• KPMG. (2018). Defining Issues. Blockchain and digital currencies challenge and tradtional accounting and reporting models. https://assets.kpmg.com/content/dam/kpmg/bm/pdf/2018/10/defining-issues-18-13-blockchain.pdf adresinden erişildi.
• KPMG. (2019). Cryptoassets – Accounting and tax-what’s the impact on your financial statements?, https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2019/04/cryptoassets-accounting-tax.pdf adresinden erişildi.
• KPMG. (2022). Executive summary: Accounting for crypto assets, https://frv.kpmg.us/reference-library/2022/crypto-asset-executive-summary.html adresinden erişildi.
• Luo, M. & Yu, S. (2022), Financial reporting for cryptocurrency. Review of Accounting Studies, 1-34. doi: 10.1007/s11142-022-09741-w
• Maurer, M. (2023). “Standards Setter Floats New Rule on Crypto Accounting”, The Wall Street Journal, https://www.wsj.com/articles/standards-setter-floats-new-rule-on-crypto-accounting-11675267296 adresinden erişildi.
• Morozova, T., Akhmadeev, R., Lehoux, L., Yumashev, A.V., Meshkova, G.V. & Lukiyanova, M. (2020). Crypto asset assessment models in financial reporting content typologies. Entrepreneurship and Sustainability Issues, 7(3), 2196-2212. http://doi.org/10.9770/jesi.2020.7.3(49)
• MSUGT. (1992). 1 Sıra Numaralı Muhasebe Sistemi Uygulama Genel Tebliği, 26.12.1992 tarih ve 21447 Mükerrer sayılı Resmi Gazete, https://www.ismmmo.org.tr/Mevzuat/1-Seri-No-lu-Muhasebe-Sistemi-Uygulama-Genel-Tebligi-26-12-1992---3997 adresinden erişildi.
• Nakamoto, S. (2008). Bitcoin: a peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf adresinden erişildi.
• Pimentel, E. & Boulianne, E. (2020). Blockchain in accounting research and practice: Current trends and future opportunities. Accounting Perspectives, 19(4), 325-361. doi: 10.1111/1911-3838.12239
• Procházka, D. (2018). Accounting for bitcoin and other cryptocurrencies under IFRS: A comparison and assessment of competing models. The International Journal of Digital Accounting Research, 18(24), 161-188. doi: 10.4192/1577-8517-v18_7
• PwC, (2019). Cryptographic assets and related transactions: accounting considerations under IFRS, In depth A look at current financial reporting issues, https://www.pwc.com/gx/en/audit-services/ifrs/publications/ifrs-16/cryptographic-assets-related-transactions-accounting-considerations-ifrs-pwc-in-depth.pdf adresinden erişildi.
• PwC. (2021). Crypto assets. https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/crypto-assets-guide/assets/crypto9202021.pdf adresinden erişildi.
• Raiborn, C. & Sivitanides, M. (2015). Accounting issues related to Bitcoins. Journal of Corporate Accounting & Finance, 26(2), 25-34. doi: 10.1002/jcaf.22016
• Reynolds, P. & Irwin, A. S. (2017). Tracking digital footprints: anonymity within the bitcoin system. Journal of Money Laundering Control, 20(2), 172-189. doi: 10.1108/JMLC-07-2016-0027
• Serçemeli, M. (2018). Kripto para birimlerinin muhasebeleştirilmesi ve vergilendirilmesi. Finans Politik ve Ekonomik Yorumlar, (639), 433-465.
• Singh, T. K. & St. John, T. (2019). Decrypting crypto: an introduction to cryptoassets and a study of select valuation approaches. https://cbvinstitute.com/wp-content/uploads/2019/12/DecryptingCrypto-Final-DIGITAL-VERSION.pdf adresinden erişildi.
• Sixt, E., & Himmer, K. (2019). Accounting and taxation of cryptoassets. https://ssrn.com/abstract=3419691 adresinden erişildi.
• Smith, S.S., Petkov, R. & Lahijani, R. (2019). Blockchain and cryptocurrencies-considerations for treatment and reporting for financial services professionals. International Journal of Digital Accounting Research, 19, 59-78. doi: 10.4192/1577-8517-v19_3
• Tan, B. S. & Low, K. Y. (2017). Bitcoin–its economics for financial reporting. Australian Accounting Review, 27(2), 220-227. doi: 10.1111/auar.12167
• TMS 38 (t.y.). Maddi Olmayan Duran Varlıklar. https://www.kgk.gov.tr adresinden erişildi.
• UFRS. (2018). Conceptual Framework for Financial Reporting. https://www.ifrs.org adresinden erişildi.
• UFRS. (2019). Holdings of Cryptocurrencies, https://www.ifrs.org/content/dam/ifrs/supporting-implementation/agenda-decisions/2019/holdings-of-cryptocurrencies-june-2019.pdf adresinden erişildi.
• UMS 1. (t.y.). Presentation of Financial Statements. https://www.ifrs.org adresinden erişildi.
• UMS 2. (t.y). Inventories. https://www.ifrs.org adresinden erişildi.
• UMS 7. (t.y). Statement of Cash Flows. https://www.ifrs.org adresinden erişildi.
• UMS 21. (t.y). The Effects of Changes in Foreign Exchange Rates. https://www.ifrs.org adresinden erişildi.
• UMS 32. (t.y). Financial Instruments: Presentation. https://www.ifrs.org adresinden erişildi
• UMS 38 (t.y). Intangible Assets. https://www.ifrs.org adresinden erişildi
• Venter, H. (2016). Digital currency–A case for standard setting activity. A perspective by the Australian Accounting Standards Board (AASB). http://www.aasb.gov.au/admin/file/content102/c3/AASB_ASAF_DigitalCurrency.pdf adresinden erişildi.
• Zubir, A. S., Awi, N. A., Ali, A., Mokhlis, S., & Sulong, F. (2020). Cryptocurrency technology and financial reporting. International Journal of Management and Humanities, 4(9), 103-108. doi: 10.35940/ijmh.I0898.054920