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Author Topic: Accounting for Cryptographic Assets  (Read 248 times)
Bttzed03
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December 04, 2019, 09:12:32 AM
Merited by Welsh (4), Halab (2), rosezionjohn (2), cabalism13 (2), bL4nkcode (1), mk4 (1), Periodik (1), Heisenberg_Hunter (1)
 #1

Last November 2019, nag-issue ang Philippine SEC ng Memorandum Circular No. 22. Nakasaad dito na gagamitin nila ang Accounting for Cryptographic Assets na inilabas ng Philippine Interpretations Committee (PIC) sa Financial reporting rules andregulation.

Medyo technical ang topic na ito pero susubukan kong simplehan lang para sa mga wala masyadong background sa Accounting. Hindi din masyado specific kung ano ba talaga ang recording pero atleast may mga guidelines na depende kung ano ang nature or main purpose ng cryptographic assets at kung paano ang magiging valuation nito.

Unahin muna natin ang definitions at inherent value na nakasaad sa PIC:



As you can see from the above image, may apat na classification para sa mga cryptographic assets.

  • Cryptocurrency - more like mga Coins para sa atin (may sariling blockchain)
  • Asset-backed token - ito yung mga backed by fiats, gold or other minerals, physical assets, at iba pa.
  • Utility token - pamilyar naman siguro tayo dito (mga walang sariling blockchain)
  • Security token - parang company shares din ito kung ikukumpara sa isang traditional business.


Recording or Reporting by Companies Engaged In Cryptographic Assets

This is Philippines creating our own reporting standards kasi wala pa talagang International Accounting Standards pagdating sa crypto.
Kung tayo meron tayong "Bitcoin" at "Altcoins", meron namang "Cryptocurrency" at "Cryptographic assets other than cryptocurrency" (Asset-backed/Utility/Security) sa accounting.

Gaya ng sabi ko nung una, walang specific standard, local man o international, sa pag-record ng crypto assets kaya maraming pwede paraan ng pag-classify nito:

I. Cryptocurrencies held by an entity can be treated as either Inventories or Intangible Assets
  • Inventories - kumbaga buy and sell ng crypto lang ang ginagawa ng kumpanya dito (kung long-term hodling naman, hindi pa clear kung paano)
  • Intangible Assets - walang physical form pero pwede ibenta sa iba at makapagbigay ng economic benefits sa isang kumpanya

II. Cryptographic assets other than cryptocurrencies held by an entity (Asset-backed/Utility/Security ~ "Crypto Tokens")
  • Asset-backed - accounting will depend sa kung anong asset ang back up ng token. Kung fiat, treated as cash. Kung physical asset naman, treated as real property/equipment/machinery
  • Utility token - pwedeng mag-fall under Intangible asset or under Prepaid assets (parang prepaid load, bumili ka para magamit yung network services gaya ng sending messages at making calls)
  • Security token - treated as a financial assets similar to shares of stocks

Meron din yung tinatawag na Hybrid tokens. Yung pwedeng pasok sa asset-backed at utility, utility at security, o asset-backed at security. Kailangan pa daw ng dagdag pagaaral sa ganung klaseng token bago magkaroon ng accounting treatment.





Meron pang topics about companies issuing tokens thru an ICO pero hindi ko na muna tatalakayin dito yun. Isasabay ko na lang siguro kung meron ng final rules and regulation ang SEC pagdating sa mga ICOs.

Please note also na hindi ko na sinama kung paano ang valuation ng Coins at Tokens dahil hindi din fix yan. I am only trying to give you a basic idea kung paano siya i-classify and I hope na ma-achieve ko yun.

For those who want to read further, click lang sa hyperlinks sa itaas.
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December 04, 2019, 05:37:49 PM
Merited by Bttzed03 (1)
 #2

Kung tama ang pagkakaintindi ko, ito ay guidelines para sa mga kumpanya na engaged sa coins at tokens. Applicable din ba ito para naman sa mga self-employed?  Pwede din ba malaman kung ano ang tax implications nito?

Mukhang naghahanda na din ang SEC kasi alam nilang hindi magtatagal ay may mga kumpanya ng sasabak sa trading ng cryptographic assets. Siguro meron na din ngayon pero yung iba nagtatago pa.
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December 05, 2019, 06:28:44 AM
 #3

Kung tama ang pagkakaintindi ko, ito ay guidelines para sa mga kumpanya na engaged sa coins at tokens. Applicable din ba ito para naman sa mga self-employed? 
Ibig mo bang sabihin sa self-employed ay yung sole proprietorship? Kung yun nga, hindi naman na saklaw ng SEC yun. Pagdating naman sa accounting, ewan ko lang. Yung nilabas ng PIC ay specific para sa business entities.

Quote
Pwede din ba malaman kung ano ang tax implications nito?
Wala yata ako sa posisyon para magbigay ng tax implications nito. Mas maganda kung sa BIR manggaling  Grin

Quote
Mukhang naghahanda na din ang SEC kasi alam nilang hindi magtatagal ay may mga kumpanya ng sasabak sa trading ng cryptographic assets.

Yes, this is the direction that the SEC is going right now. Madalas sinasabi na isa sa key para sa mass adoption ay yung more involvement ng mga local businesses sa crypto. Tingin ko papunta na din tayo dun dahil na din may mga set of guidelines na kung paano ang recording.
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December 05, 2019, 07:02:23 AM
Merited by Bttzed03 (1)
 #4

Since nag labas na ng memorandum ang SEC at may guidelines na para sa classification ng cryptocurrency, it only means na kinikilala na nila ang crypto as an asset. Hindi rin kasi mag tatagal at magiging parte na ito araw araw na gawain at transaction. Mukhang madadagdagan nanaman ang topic at curriculum sa Accounting at Board exam.LOL!

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December 05, 2019, 07:21:40 AM
 #5

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Mukhang madadagdagan nanaman ang topic at curriculum sa Accounting at Board exam.LOL!
Mangyayari talaga ito. School teachers, students, reviewers, and even accounting book authors will have to learn the basics of cryptocurrency. I would not be surprised kung magkaroon din ng specialized field para sa crypto ang mga accountants.
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December 05, 2019, 08:58:44 AM
 #6

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Mukhang madadagdagan nanaman ang topic at curriculum sa Accounting at Board exam.LOL!
Mangyayari talaga ito. School teachers, students, reviewers, and even accounting book authors will have to learn the basics of cryptocurrency. I would not be surprised kung magkaroon din ng specialized field para sa crypto ang mga accountants.


Agree ako dito, malamang hindi lang sa accounting field magiging  profession na rin ang cryptocurrency or blockchain tech in the near future dahil sa pag lawak ng adoptation at demand nito habang tumatagal.

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December 08, 2019, 02:56:38 PM
 #7

I don't have enough knowledge about accounting pero kung sakali, personally I think mas appropriate sya to be recorded as intangible asset than inventories. Since sa inventory, kadalasan ginagamit sya directly or indirectly sa pag gawa ng product. Which is hindi naman para dun ang crypto. For intangible asste naman, kadalasan ito yung mga patent, trademarks na may value. I think mas fit dun yung crypto.
Pero f ever cryptocurrency will be officially accepted even for businesses, for crypto users maganda sya pero imagine accounting students and CPAs will find it hard since they have to study and understand the nature of crypto as well. Implementing this will also include some laws about taxation of crypto. And since may accounting principle talaga tayo na sinusunod, siguro pag mas naging widely accepted ang crypto, maidadagdag na ito dito.
Since nag labas na ng memorandum ang SEC at may guidelines na para sa classification ng cryptocurrency, it only means na kinikilala na nila ang crypto as an asset. Hindi rin kasi mag tatagal at magiging parte na ito araw araw na gawain at transaction. Mukhang madadagdagan nanaman ang topic at curriculum sa Accounting at Board exam.LOL!
kaya agree ako dito. The struggles of inspiring accountants sa pag aral nito. Pero maganda talaga pag lalo pang makilala ang crypto dito sa bansa.



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December 08, 2019, 04:20:00 PM
 #8

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Since sa inventory, kadalasan ginagamit sya directly or indirectly sa pag gawa ng product. Which is hindi naman para dun ang crypto.
Do not limit the definition of inventory sa point of view ng isang manufacturing company. Kapag nasa retail side ka kagaya ng mga apparels, inventory din ang classification ng mga binebentang damit, sapatos, at iba pang finished products. From that point, pasok nga as inventory ang cryptocurrency and other cryptographic asset.


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December 09, 2019, 04:55:21 PM
 #9

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Since sa inventory, kadalasan ginagamit sya directly or indirectly sa pag gawa ng product. Which is hindi naman para dun ang crypto.
Do not limit the definition of inventory sa point of view ng isang manufacturing company. Kapag nasa retail side ka kagaya ng mga apparels, inventory din ang classification ng mga binebentang damit, sapatos, at iba pang finished products. From that point, pasok nga as inventory ang cryptocurrency and other cryptographic asset.




Correct, depende naman sa atin yon, kung ito yong main source of income natin siguro sa inventory siya papasok, pero kung hindi naman, posible na din sa Ingangible asset, anyway, may guidelines naman ang government natin, if we do have clarification mas mabuti siguro sa kanila natin ask. Anyway, unti unti na nila ginagawa to para siguro wala na din tayong dahilan kung bakit hindi tayo pwedeng magbayad ng tax thru crypto, anyway, it is fine naman wag lang super laki ng tax na ipapatong nila.
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December 14, 2019, 03:33:24 PM
 #10

I think this one is really beneficial for whoever crypto enthusiast o evangelist. May libreng audit na tayo sa mga kasalukuyan at bagong crypto based start-ups, ang pinagtataka ko lang ay kung anong benepisyo nito sa SEC, nasa blockchain kasi tayo and everything is laid flat on the table, I think mas mabuti ang mga developers to really find out what coin/token specifications are, yun kasi hindi gaanong pinagtutuunan ng pansin
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December 15, 2019, 05:34:09 AM
 #11

~
May libreng audit na tayo sa mga kasalukuyan at bagong crypto based start-ups,
Libreng audit? Guidelines lang ng recording mga yan.

ang pinagtataka ko lang ay kung anong benepisyo nito sa SEC, nasa blockchain kasi tayo and everything is laid flat on the table,
Having a guideline will help the SEC kung tama ba ang pag-report ng isang kumpanya.

I think mas mabuti ang mga developers to really find out what coin/token specifications are, yun kasi hindi gaanong pinagtutuunan ng pansin
Of course developers ang mag-specify ng coin o token specification but they are not the one who will determine how the transactions will be recorded sa company books.


Subukan mo tumingin ng sample ng financial report muna baka mas maintindihan mo yung purpose ng bagong guidelines.
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December 15, 2019, 01:06:39 PM
 #12

  • Cryptocurrency - more like mga Coins para sa atin (may sariling blockchain)
  • Asset-backed token - ito yung mga backed by fiats, gold or other minerals, physical assets, at iba pa.
  • Utility token - pamilyar naman siguro tayo dito (mga walang sariling blockchain)
  • Security token - parang company shares din ito kung ikukumpara sa isang traditional business.
I think pwede natin bigyan ng halimbawa ang isa sa mga nasa list,
kagaya ng stablecoin ng Unionbank which is called PHX na available pa lang sa Project i2i participants, na pwede ka bumili ng stable coin at ma connect/debit ito sa Unionbank account mo - READ MORE.

Correct me if I'm wrong, yang stable coin (PHX) ng unionbank ay na belong sa Asset-backed token, right?
As I saw here, yang Projet i2i, ay under sa ethereum blockchain din, so, hindi na siya belong sa utility token.

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December 15, 2019, 01:18:15 PM
 #13

  • Cryptocurrency - more like mga Coins para sa atin (may sariling blockchain)
  • Asset-backed token - ito yung mga backed by fiats, gold or other minerals, physical assets, at iba pa.
  • Utility token - pamilyar naman siguro tayo dito (mga walang sariling blockchain)
  • Security token - parang company shares din ito kung ikukumpara sa isang traditional business.
I think pwede natin bigyan ng halimbawa ang isa sa mga nasa list,
kagaya ng stablecoin ng Unionbank which is called PHX na available pa lang sa Project i2i participants, na pwede ka bumili ng stable coin at ma connect/debit ito sa Unionbank account mo - READ MORE.

Correct me if I'm wrong, yang stable coin (PHX) ng unionbank ay na belong sa Asset-backed token, right?
As I saw here, yang Projet i2i, ay under sa ethereum blockchain din, so, hindi na siya belong sa utility token.

Sa tingin ko dun sya sa classification na asset-backed token sa kadahilanang bawat isang PHX ay may kaakibat na fiat as a back-up asset. Parang sa Tether din yan. Bawat isang USDT ay may kaakibat na isang dolyar. So one is to one yan. Hindi pwedeng may isang USDT or PHX na walang actual na isang piso o isang dolyar na nagsusuporta sa kanyang value.
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December 16, 2019, 05:01:01 AM
 #14

~
Correct me if I'm wrong, yang stable coin (PHX) ng unionbank ay na belong sa Asset-backed token, right?
As I saw here, yang Projet i2i, ay under sa ethereum blockchain din, so, hindi na siya belong sa utility token.
Although wala siyang sariling blockchain kagaya ng mga ibang utility tokens, it would still fall under asset-backed tokens as defined in the memorandum
"An asset-backed token is a digital token based on blockchain technology that signifies and derives its value from something that does not exist on the blockchain but instead is a representation of ownership of a physical asset". PHX represents ownership of Philippine peso.
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