Accounting For Cryptocurrencies

Cryptocurrencies are a new phenomenon with growing popularity. With all new currencies, investments and financial tools comes new accounting regulations. You need to learn to account for your cryptocurrencies from an accounting standpoint in a transparent and advantageous manner.

Despite the increased attention digital assets are receiving, the financial reporting for these assets doesn’t fit cleanly into existing accounting guidance under US generally accepted accounting principles (GAAP).

A point to consider is that cryptocurrencies are not a debt security, nor an equity security (although a digital asset could be in the form of an equity security) because it does not represent an ownership interest in an entity. currently, by all measures it appears cryptocurrencies should not be accounted for as a financial asset.

Speak to your accountant to make sure you’re following everything by the book.

If you still have trouble navigating this concept, its completely understandable. For more information please feel free to contact us at 778-989-5280 or email us at shirin@accountant-vancouver.com & if ever in doubt, reach out to a trusted CPA (Chartered Professional Accountant) for help and they will ensure that you don’t fall into any trouble.

Shirin Moshirfatemi is an experienced Persian accountant based out of North Vancouver which offers CPA services to English and Farsi speaking clients. With more than 20 years of experience, she understands that Persian accounting in Vancouver is invaluable to new comers. Finding a Farsi speaking accountant in North Vancouver which you can trust is invaluable. If you are new to Canada, you don’t need to worry because SMF is the one stop accounting firm for Persian & Farsi speaking accounting services.

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