Digital financial assets as an object of accounting: Debating points

Abstract

Subject. This article discusses the issues related to the valuation of digital financial assets, their reflection on accounts and the relevant balance sheet item classification. Objectives. The article aims to identify the main areas of digital financial asset accounting development in the context of ongoing changes in Russian law, and assess if there is any possibility to use foreign practices in digital financial assets accounting. Methods. For the study, I used the methods of classification, analogy, comparison, logical research, and relevant scientific literature generalization. Results. The article provides a comparative characterization of possible options for categorizing digital financial assets as certain items of asset, as well as arguments in favor of or against the choice of an asset. It offers standard accounting transactions to reflect digital financial assets in accounts based on their channels of origin. The article also assesses the possibility of applying international practices of digital financial assets accounting. Conclusions and Relevance. Practical application of the results of the study is possible if the appropriate legislative framework is formed, which could determine the structure of regulation of different types of digital financial assets. The findings and conclusions presented in the article can be used by the scientific and business communities for further polemic. The results of the study are of a scientific nature and can be used in teaching the Accounting course.