ACCOUNTING FOR DIGITAL ASSETS AND CRYPTOCURRENCIES IN FIDUCIARY ACCOUNTING
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ACCOUNTING FOR DIGITAL ASSETS AND CRYPTOCURRENCIES IN FIDUCIARY ACCOUNTING
Abstract: The rise of digital assets and cryptocurrencies poses new challenges and opportunities for fiduciary accounting. This study aims to (1) explore the implications of digital assets on fiduciary accounting practices, (2) assess the regulatory frameworks governing cryptocurrencies, and (3) develop best practices for fiduciary accountants handling digital assets. A survey research design was selected to gather diverse opinions from fiduciary accountants on the impact of digital assets. The sample size, calculated using Taro Yamane’s formula, consists of 200 fiduciary accountants, ensuring a 95% confidence level and a 5% margin of error. The case study focuses on a leading tech company in Uyo, which has integrated cryptocurrencies into its financial operations. The reliability coefficient score for the survey was 0.89, indicating high reliability. Findings reveal that digital assets require fiduciary accountants to develop new competencies in valuation, regulation, and risk management. Recommendations include establishing comprehensive guidelines for digital asset accounting and enhancing training programs to equip fiduciary accountants with the necessary skills.
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