Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market
Adjusting Financial Reporting in the Perspective of Transferring Financial Transactions to the Cryptocurrency Market

Author(s): Monica-Laura Sorici (Zlati), Veronica Grosu, Cristina Gabriela Cosmulese, Marian Socoliuc
Subject(s): Economy, Business Economy / Management, Financial Markets
Published by: Editura Lumen, Asociatia Lumen
Keywords: Cryptocurrency market;accounting;financial reporting;accounting policies;digital revolution;
Summary/Abstract: The regulation of the cryptocurrency market is becoming an increasingly debated topic in the context of the transition to the digital economy and the health security procedures adopted by the authorities in this period dominated by the pandemic and economic crisis. In this context, we propose a prospective analysis of the effects of legislative regulation and the shift to the cryptocurrency market as a unit supporting digitization. The methods and procedures used in the analysis aim to obtain the staging of the interaction between the accounting system and the cryptocurrency trading processes. Thus, we will address the issue of the digital economy and the effects produced by it, and the result of this approach will be to identify viable solutions that will prevent certain effects on financial reporting and limit tax evasion or other money laundering techniques as a result of the widespread transition to this trading system. The results obtained will be useful to economic decision-makers and tax authorities concerned with these aspects of economic development.

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