THE ROLE OF ACCOUNTING IN CRYPTOCURRENCY TRANSACTIONS IN FINANCIAL STATEMENTS
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Abstract:
This study investigates the role of accounting in cryptocurrency transactions in financial statements in Lagos State, Nigeria. The objectives are to: (1) determine the accounting challenges posed by cryptocurrency transactions, (2) assess the impact on financial statement accuracy, and (3) evaluate the regulatory considerations for accounting cryptocurrency. A survey design was employed to collect data from accountants and financial regulators. The sample size, determined using Taro Yamane's formula, ensures statistical robustness. Binance Nigeria was selected as the case study due to its prominent role in cryptocurrency transactions. The reliability coefficient score of the survey was 0.87. Findings reveal significant accounting challenges, including valuation and disclosure issues, which impact the accuracy of financial statements. It is recommended that accounting professionals in Lagos State develop standardized practices and seek regulatory guidance for better accounting of cryptocurrency transactions.
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