The Analysis of Approaches to Accounting for Virtual Currency

Abstract

Despite the fact, the first cryptocurrency appeared in 2009, it attracted attention with increasing of its value. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Regarding the fact, these transaction are anonymous, it was necessary to prevent using of cryptocurrency for illegal purposes. Little by little the attention was paid not only to taxation of cryptocurrency´s income, but to accounting for the cryptocurrency in those entities holding cryptocurrency for various purposes. The paper focuses on detailed analysis and comparison of legislative process of cryptocurrency´s accounting presentation, such as identification, measurement, accounting for and disclosure in IFRS, in the Czech Republic and in the Slovak Republic.