Accounting fro Crypto

[EriksonPartners]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

[franky1]

FIAT will not dissapear.
governments will change how their FIAT bank databases store their units of account(balance) but governments will still want a currency they will control. there will be laws such as tax, minimum wage, court fines, debt and treasure laws to keep their currency relevant.

accountants LOVE new currencies. as it means average joe has to do
maths of converting value between currencies for tax calculations, rightoffs etc
understanding which currency laws apply to which currency/jurisdiction
meaning most average joe employ an accountant to do that.

there has been an increasing need for accountants proficient in knowing about crypto.

what crypto will decrease is auditors and IT security personnel. as there wont be as much need to maintain a database as it is self maintaining and the auditors wont be needed. EG less need to care about if someone is 'creating' bank balance illegally, as crypto wont allow it by default. less need to audit the ledger to ensure a CEO isnt syphoning funds as it will be clear where funds are going

there has been less need of auditors proficient in knowing about crypto. simply because companys can just display their public keys to show their holdings

[avikz]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

I see it otherwise! Increasing adoption of cryptos will increase the demand of qualified accounting professionals. I too agree with Franky here, that government controlled currencies will never disappear. The governments may move from issuing physical notes to digital notes, but they won't make fiat currencies obsolete. So there's no way the accounting need will be abolished! Instead we can see an increase in demand of qualified professionals with thorough understanding about cryptos.

[pat4cryptoreal]

Cryptocurrency is not a treat to accounting profession but a modifier. If I was an accountant I would have upgraded my knowledge. I am certain that there will be a time our traditional accounting system will no longer function alone. It will be integrated with blockchain by default.

[suzanne5223]

If the accountancy profession think crypto currency is a threat was the reason why they dont support blockchain and crypto currency then they are wrong because blockchain was part of accountancy movement cause blockchain is a technology based on accountancy and it will provide nothing an ease of operation to the accountancy profession.

[sunsilk]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

I don't see that crypto is going to be a threat to the accountacy professionals. It doesn't mean that because bitcoin is against the bank and accountants will also be affected. No, it's not just that way that you think although I'm not an accountant I think that your field is broad and it doesn't circulate alone on the banking sector.

I'm thinking that you have another field to adopt and to work on if the crypto adoption is on the mass. Don't think of crypto's as a threat to your professions instead embrace the cryptocurrencies together with the new technology that it has brought.

[samcrypto]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

There is none so far, and I think accountancy will still be good even if cryptos adopted worldwide. Accountancy will only adopt the new system no matter what because if not, they will be having a hard time to create financial statements and how they can avoid big taxes. So let's see what would be the revision on the accounting hand book if cryptocurrency regulate by many countries.

[maydna]

I don't think cryptocurrency will threat the accountancy profession. They can use or add cryptocurrency in their report as what they did before in fiat report. But perhaps, they need to check more closely because, in cryptocurrency, they need to watch closely the 0 number and cryptocurrency have a lot of zero before the number

But somehow, I am curious with the accountancy reporting using cryptocurrency, because perhaps, people will see as a weird thing in their report because it will look different.

In the other side, the accountancy will get a new era from the traditional report into a digital report which will help the accountants to make their report with simple, easy to understand because all of the expenses will appear in the blockchain and they can browse the wallet to see the transaction made so far.

[Velkro]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

They are still useful for standard business that dealing with cryptos. Its only addition to common tasks for them.
For personal use? You dont need accountancy almost or none whatsoever.

[sheenshane]

Cryptocurrency didn't scare accounting since the accountant is much needed for the maths of all the companies, firms or corporations. If you are an accountant, you can actually benefit from the cryptocurrency because you will have more options and jobs the firms will demand. A new currency is equivalent to a new job for 2 years so that is the reason why.

Again, cryptocurrency is not a treat to the accountants but yes, they need to adopt the currency as much as possible.

[Beerwizzard]

accountants LOVE new currencies. as it means average joe has to do
maths of converting value between currencies for tax calculations, rightoffs etc
understanding which currency laws apply to which currency/jurisdiction
meaning most average joe employ an accountant to do that.

I'm not an accountant but it seems like in most countries governments usually are making new taxes and regulation for crypto faster then they set up some general rules about using crypto. And from my experience, if you are communicating with any tax services then truth will always be on their side and you are the main person that suffers of the lack of clearance in the taxation system.

[jojohamasa]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

There are several technical issues
A - triple entries
The accounting constraint will be in the books of one party only but has three accounts
1. A creditor
2- debtor
3- Ledger
B - manipulation and checker
Sometimes the external auditor is bought to write a report in a deceptive way
This will not happen because BlockChain will record all the entries and will appear on both sides.

[plvbob0070]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

I don't think it's a threat for them. There will just have a great adjustment, like doing entries. I think it's a great thing when there are mass adoption of crypto in the future, they won't only monitor fiat but also crypto but I think it'll be hard. Still I don't think it's a threat for them. It's not like accountants are only limited with cash, they can learn crypto. Plus, firm always need an accountant to monitor the flow of cash, even if they uses crypto, they will need someone to monitor it. And it's not like fiat will disappear.

[demenBTC]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

accounting has never been threatened with crypto, accounting is one of the government workforce in managing fiat money systems, fiat will forever be the only legal payment for all countries

[davis196]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

Cryptocurencies doesn't threat the accountancy preofession at all.Every business still needs accountants in order to calculate revenue,costs,tax payments,cash flow,etc...
It doesn't matter if the business is accepting crypto or fiat payments(or both).

[goaldigger]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

I dont see cryptoccurency as a thread to accoubting profession but rather another ground or taxation, vat or maybe some journal entries. If cryptocurrency would be legalized and companies adopt this as their form of paying their employees by it the sure accountants would have a difficulty computing it. Its volatility can make it hard for them.

[mirakal]

I was wondering, how does cryptocurrency (in this case Bitcoin) threat accountancy profession? I mean what type of accounting treatments even are there for crypto?

Accounting is still necessary especially in the tax aspect, but on the balancing which or reporting, accounting profession is not going in use on this since we have a stable system and transparent. Crypto is created to ease the job of the people and unfortunately accounting jobs are effected with crypto.

[pawanjain]

According to me, this would just benefit the accountants since an addition of a new currency would increase the amount of work and jobs in that country.
Crypto was recently restricted in my country but before that people used to trade crypto in large amounts and hence needed private accountants to manage their investments.
I know a friend who had an accountant who would manage his crypto earnings apart from his fiat earnings. So crypto is like a boon for accountants.