Digital assets and liabilities
Since the mid-2010’s when Bitcoin started to be used more widely, digital assets, incl. cryptocurrencies have started to appear in the balance sheets of an increasing number of companies. More and more businesses have also started to use blockchain technology more widely in their business activities. The crypto market is very volatile, but we in BDO believe that the blockchaing technology has come to stay and more uses are discovered to benefit from it.
On the regulative level the accounting of digital assets and liabilities continues having relatively little guidance; also the practices according to IFRS and Estonian Financial Reporting Standards differ significantly in some aspects. Therefore it is important that the accounting staff of the businesses with activities in this fast developing sector keep in touch with the developments of the sector, can thing together with and provide solutions to the management.
In BDO we can help you with the following:
- The set-up of the accounting and reporting of digital assets and liabilities, incl. cryptocurrencies
- Monitoring and advising regarding the sector-specific accounting standards
- Everyday accounting, financial and tax reporting of the transactions
- Compilation of annual accounts
- Sector specific reporting to the Financial Supervisory Board and the Estonian Bank