Cryptocurrencies and their asset classification in accounting treatment
Abstract
Cryptocurrencies are considered a form of money in kind, encrypted, intangible, convertible to any currency, the fact that this crypto is issued by a State, also regulated by the Central Bank of Venezuela, gives a possibility to the establishment of the conceptualization and treatment that should be given to these non-traditional assets. From this perspective, the purpose of this article was to analyze the classification of assets and determine to which category the legal tender cryptocurrencies in force in Venezuela belong. Based on legal bases, laws and regulations, International Accounting Standards and International Financial Reporting Standards. It was an analytical research, with a documentary design and a descriptive nature. To obtain the information, documentary review, notebooks, and interviews were used. Among the data analysis techniques, qualitative elements were used as a checklist. As a result, currently the laws and provisions that regulate cryptocurrencies from the accounting aspect for this form of capital are extremely scarce and ambiguous, making the researcher's task difficult when delimiting an appropriate asset classification and consequently the accounting treatment that should be given to them. to them. However, despite this idea, cryptocurrencies function as an exchange of value for the acquisition of goods and services, therefore, they could be an intangible asset and since they do not occupy a physical place, they are not an incorporeal good, but intellectual rights are involved.
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References
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