Accounting for Cryptocurrencies – From Basics to Practical Application

Introduction

Since 2009, cryptocurrencies have emerged as digital assets produced by computer programs, operating without control from any government or central bank. They function as peer-to-peer exchange mediums via the internet, relying on blockchain technology. 

With rapid technological advancements, cryptocurrencies have become integral to the global economy, used by businesses and individuals for payments and investments.

This widespread adoption necessitates a clear accounting framework to ensure accurate and transparent handling of these digital assets. 

Cryptocurrency accounting requires specialized knowledge due to their unique characteristics, such as extreme volatility and lack of central regulation, posing challenges for accountants and auditors.

This GLOMACS training course offered equips participants with the tools and international accounting standards needed to record and evaluate cryptocurrencies according to global best practices. 

Whether you are an accountant, auditor, or financial officer in a company leveraging this technology, this training course will provide advanced practical skills. It also helps organizations avoid financial and legal risks associated with improper accounting documentation of these assets. 

Objectives

• Introduce participants to the concept of cryptocurrencies and their role in the modern financial system. 
• Discuss challenges associated with cryptocurrencies. 
• Explain international accounting standards (IFRS) related to cryptocurrencies recording. 
• Train participants on accounting valuation methods for cryptocurrencies (Historical cost vs. Fair value). 
• Practical application through real-world case studies in financial statements. 

Methodology

• Interactive lectures with experts in accounting and digital finance.
• Hands-on workshops using specialized accounting prblems. 
• Case studies from global companies. 
• Discussion sessions for knowledge exchange among participants.

Organisational Impact

• Gain advanced accounting skills in cryptocurrency handling. 
• Enhance employability in tech and investment firms. 
• Understand financial and legal risks and avoid common pitfalls. 

Personal Impact

• Improve financial reporting quality and transparency. 
• Mitigate risks linked to poor documentation. 
• Build investor and regulatory trust.