Interest in Bitcoins, other cryptocurrencies, and crypto tokens required government intervention to regulate new internet technologies. At the same time, there was a lack of clarity of rules in financial reporting and accounting. With the bachelor’s thesis, we researched how the accounting and tax area is regulated in Slovenia.
In the bachelor’s thesis, we used several research methods. In the theoretical part, we used the descriptive method for a systematic presentation of the importance of Bitcoin in the world with the help of primary and secondary data. In the empirical part, we analyzed based on literature, practices, online publications, and official documents on how Bitcoin is implemented in the accountancy and tax sphere, what the accounting considerations are and what the practices in Slovenia are. In the last part, we surveyed to research how Slovenian accountants assess their knowledge regarding bookkeeping of Bitcoins.
We ascertained that the accounting practice regarding Bitcoins in Slovenia is poorly developed. In terms of tax policy, we discovered that financial administration acquainted taxpayers very well. With the survey, we confirmed that accountants feel that they do not have sufficient knowledge for financial reporting regarding Bitcoins.
Based on the findings, it would be sensible to research why the Slovenian Institute of Auditors (Slovenski inštitut za revizijo) has not yet prepared or adjusted accounting standards. Accounting rules should be harmonized for Bitcoins and other cryptocurrencies and crypto tokens because they play an important role in the global economy.
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