qualitative study of crypto accounting issues and challenges (maryam salkhosh, alireza ramrouz and sina jabbari)

This qualitative study examines the challenges and issues related to accounting for cryptocurrencies. the research involves semi-structured interviews with 15 individuals who have accounting and financial backgrounds. the data collected from the interviews are analyzed using maxqda software.the findings reveal several key challenges in crypto accounting, including the absence of specific standards for accounting and valuation of cryptocurrencies, the difficulty in accounting for rapid fluctuations in value, and the lack of control and maintenance of cryptocurrencies. the study also explores the current and future impact of digital currencies on accounting, such as the accounting of intangible assets, the digitization of financial systems, and the legal aspects of payment services and means of exchange.the hypothesis of the research is that there is a need for specific accounting standards for cryptocurrencies to address the challenges in their accounting and valuation. the results confirm this hypothesis, highlighting the absence of such standards and the resulting complexities in crypto accounting.to address these challenges, the study suggests the use of applicable accounting standards for the identification, measurement, and disclosure of cryptocurrencies. it also emphasizes the importance of staying updated on emerging accounting issues related to digital currencies and the potential utilization of professional accounting services.in conclusion, this study provides insights into the practical accounting issues and challenges associated with cryptocurrencies. it highlights the need for clear guidelines and standards in crypto accounting and emphasizes the impact of digital currencies on the accounting profession. by addressing these challenges, organizations can effectively account for cryptocurrencies and navigate the evolving landscape of digital currencies.