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Cryptocurrency in the Jewelry Business: Automating Accounting and Taxation
Shyrobokova O. V.

Shyrobokova, Olena V. (2025) “Cryptocurrency in the Jewelry Business: Automating Accounting and Taxation.” Business Inform 7:361–368.
https://doi.org/10.32983/2222-4459-2025-7-361-368

Section: Accounting and Auditing

Article is written in Ukrainian
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UDC 657.1:336.748.5:004.4(477)

Abstract:
The article explores the peculiarities of cryptocurrency accounting using the example of a jewelry enterprise that sells products with payments in crypto assets. The relevance of the topic is due to the increasing share of digital assets in the payment turnover of enterprises and the lack of regulatory legal frameworks regarding the accounting and taxation of cryptocurrency transactions in Ukraine. The aim of the article is to analyze modern accounting approaches to cryptocurrency transactions in the jewelry business, assess tax implications, and develop proposals for automating accounting processes using digital tools. The study employs general scientific methods (analysis, synthesis, generalization, formalization) and special research methods: comparative-legal, normative-logical, and systemic approaches. The research analyzes the current domestic legislative framework regarding cryptocurrencies and recommendations for their accounting according to IFRS, demonstrates the feasibility of accounting for cryptocurrency in sub-account 127 «Other intangible assets» and the justification for interpreting the acquisition of cryptocurrency as a barter transaction. The author proposes elements of accounting policy and a system of accounting entries to record the stages of cryptocurrency operations. A five-stage algorithm for automating the accounting of crypto payments has been developed, covering the preparation of infrastructure, acceptance of crypto payments, accounting representation, monitoring of exchange rate changes, and the realization of cryptocurrency. The main problems of operations with cryptocurrency that Ukrainian enterprises face are outlined, along with proposed solutions, including the use of VBA tools in the Excel software environment and the implementation of modular ERP solutions. Special attention has been given to the issues of internal control and risk management related to cryptocurrency operations. The formulated conclusions may be used in the practical activities of jewelry enterprises, in the development of their local regulatory documents, and for tax planning purposes.

Keywords: cryptocurrency, accounting policy, tax consequences, algorithm, automation, jewelry business.

Tabl.: 4. Bibl.: 12.

Shyrobokova Olena V. – Consultant, Department of Consulting on International Work for Expats, Rodl & Partner / Rodl Langford de Kock LLP (1900 West Loop South, Suite 1550, Houston, Texas, 77027, United States)
Email: [email protected]

List of references in article

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