Abstract:

Transactions related to cryptocurrencies are in the field of accounting because they are of a financial nature. The fact that there is not yet a national legal regulation for the accounting of cryptocurrencies does not prevent the reflection of crypto money transactions in the accounting. This study aims to determine how cryptocurrencies can be accounted within the framework of Turkish Accounting Standards (TMS) and Turkish Financial Reporting Standards (TFRS) and the opinions of professional accountants. In the study, in which quantitative data were obtained by questionnaire and qualitative data by interview technique by applying mixed method, data analysis was carried out using SPSS and MAXQDA software programs. According to the results of the study, although it is agreed that cryptocurrencies are an asset item in terms of the accounting system, the uncertainty about which asset type continues. Although TMS/TFRS refers to the classification of cryptocurrencies as stock or intangible assets, professional accountants have considered cryptocurrencies as cash and cash equivalents or financial instruments. The absence of a legal regulation for the accounting of cryptocurrencies causes businesses to reflect their crypto money transactions to their journal entries using different accounting accounts. As a result, the comparability feature of the financial statements prepared by the enterprises deteriorates. Making legal regulations and establishing an audit mechanism for the accounting of cryptocurrencies is critical in terms of controlling the accounting records and increasing the reliability of cryptocurrencies.

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