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Accounting for Cryptocurrencies

Assistance in the preparation of financial statements. Statement of cryptocurrency on the company's balance sheet. Participation in dispute resolution. Accounting for Cryptocurrencies.
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One of the main problems of the accounting and investors of the ICO / STO / IEO project is putting the cryptocurrency on the company's balance sheet.

At present, neither the International Accounting Standards Board (IASB) nor the Financial Accounting Standards Board (FASB) have taken a single position on this issue and, accordingly, have not developed appropriate recommendations for companies using virtual currencies.

The main complexity in this case is that the order of statement of cryptocurrency on balance of the company directly depends on its nature and the legal status and a way of use by the company (acquisition, settling with contractors, etc.).


Today, according to International Financial Reporting Standards, the Cryptocurrency is offered to be referred to one of categories:

  • Money or cash equivalent;
  • Financial instruments;
  • Intangible assets.

Based on the nature of cryptocurrency and the capabilities of the company, Legal Kornet specialists:

  1. Determine the nature of cryptocurrency;
  2. To assist in the preparation of financial statements, taking into account the cryptocurrency;
  3. Help in Statement of cryptocurrency on the company's balance sheet;
  4. Help in resolving disputes.

Our Clients & Partners

Buddy
Cappasity
CryptoAds
Loteo
Sparkster
AdBank
FoxTrading
AgentMile
ICO Box
Cloak Coin
BidiPass
Hdac Technology

Reviews

We express our gratitude for the cooperation, professionalism and efficiency in the provision of services related to the preparation of a legal Opinion (Legal Opinion) to identify the legal nature of our token.

Jim Nicoll
(CEO, Newton Coin Project)

The strongest quality of Nikita Tepikin is his ability to finish every project he is involved in by the very end. He is GDPR certified and deeply involved in this subject matter working with several clients in EU.

Artem Dikarev
(Head of Legal Department)

Nikita is an exceptionally talented lawyer with an outstanding insight in IP/IT matters. With strong international background he is definitely the professional of my first choice whenever a Russian/American legal issue arises.

Michał Grodziewicz
(Senior Associate at Maruta Wachta)

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Legal Kornet Law Firm LLC

160 Theodore Fremd Ave, C8
Rye, NY 10580