VIRTUAL ASSETS AS AN OBJECT OF ACCOUNTING FOR AGRICULTURAL ENTERPRISES: ESSENCE AND PROBLEMS OF RECOGNITION

Abstract

This study provides an in-depth examination of the economic nature of virtual assets and their integration into the accounting system. Virtual assets, including cryptocurrencies and other digital instruments, have emerged as significant components of modern financial and economic relations, yet their recognition within accounting frameworks remains a complex and unresolved issue. The paper identifies the fundamental characteristics of virtual assets-such as decentralization, high volatility, and technological specificity – that challenge traditional accounting methodologies. The research emphasizes the critical importance of addressing these challenges, given the absence of unified legal status and the growing role of virtual assets in investment and business operations. The analysis reviews current approaches to classification and valuation under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), highlighting inconsistencies and gaps in existing practices. It is demonstrated that the lack of specialized accounting standards for virtual assets creates substantial risks, including misrepresentation of financial position, liquidity, and net asset value in corporate reporting. To mitigate these risks, the study proposes conceptual foundations for establishing a distinct category of virtual assets in the balance sheet and developing regulatory provisions that ensure methodological consistency in accounting for digital assets. The findings of this research have practical implications for regulators, accounting professionals, and enterprises seeking to enhance transparency and reliability in financial reporting. By improving the regulatory framework and harmonizing accounting practices, organizations can reduce informational risks and strengthen stakeholder confidence in financial statements. This work contributes to the ongoing discourse on adapting accounting systems to the realities of digital transformation and the expanding role of virtual assets in the global economy.