reflection of digital financial transactions in russian accounting records

Abstract

Digital transactions have become an integral part of modern business. With the growing popularity of digital technologies, electronic document management, and the development of Internet commerce, accountants are increasingly faced with the need to correctly record and account for these transactions. The current regulatory framework in the Russian Federation does not clearly define the positions of digital financial assets (DFAs), and there are no methodological guidelines for accounting for digital financial transactions and their reflection in reporting. The purpose of this study was to examine the fundamental transformations taking place in the system of accounting for new assets and transactions carried out with their use in the era of digitalization of the economy. The article discusses issues related to the development of the methodology of this type of accounting, the rationale for the need to separate it into a specialised area; a system of accounts for recording digital financial assets and transactions is presented. To systematize the reflection of digital transactions, it is proposed to identify stages that determine the procedure for accounting and generating information on transactions with digital roubles, digital financial assets, cryptocurrency, as well as digital transactions. The methodology of the conducted research is characterized by the use of specific scientific and general scientific methods — a historical approach, systematization of empirical and theoretical research, analysis and synthesis. The importance and relevance of the study are determined by the fact that the author identifies the main directions that establish the problems of accounting for digital types of property and the prospects for transactions with their participation. A system of accounting entries covering a wide range of business transactions involving DFA (digital financial assets) will be of interest to government agencies involved in the development of regulations governing the procedure for carrying out digital transactions, DFA market participants, practicing accountants, as well as top management for developing a strategy for the digitalization of accounting in the company and the generation of financial statements of a new format.

Keywords

• digital financial assets
• transactions
• smart contract
• cryptocurrency
• accounting
• reporting