Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins

Mohamed Shaaban Ibrahim; Rana Mahmoud Abdou

doi:doi:10.11648/j.sjbm.20221002.18

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Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins

Mohamed Shaaban Ibrahim, Rana Mahmoud Abdou

Published in Science Journal of Business and Management (Volume 10, Issue 2)

Received: 4 June 2022 Accepted: 17 June 2022 Published: 27 June 2022

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Abstract

This research aims to examine the current practices of accounting for bitcoins by reviewing some studies which related to this topic, and thus for achieving the main objective of the study, which is to develop a proposed model to account for bitcoins that harmonizes accounting practices of bitcoins. The main objective of the study is to develop a proposed model to account for bitcoins that unify accounting practices of bitcoins. To achieve this objective, the researchers divided the research include the following: “Introduction” which aimed to gain a holistic view for the research, And then "Literature Review." In this chapter the researchers clarify the nature, characteristics, pros and cons, and also how the bitcoin system works, through reviewing number of papers, accounting academic journals, professional publications. After that, the researchers reviewing different current accounting practices for bitcoins, and the efforts of some formal organizations in accounting for bitcoins. Finally, the researchers represented A proposed framework for unifying the accounting practices for bitcoins; the proposed framework consisted of five main pillars, recognition and classification of bitcoins, measurement of bitcoins and disclosures for bitcoins. The study hypotheses were empirically tested, using descriptive statistics, Chi-Square and Mann-Whitney test, also a One-Way ANOVA test was done to examine the significant differences between the different groups in each category of the population, the academics, the issuers of financial statements and the accountants. By examining the proposed Model for accounting for bitcoins empirically, the hypotheses were accepted which determined that the proposed model provides a unify model can be used in accounting for bitcoins, and thus it will increase the quality of financial reports.

Published in	Science Journal of Business and Management (Volume 10, Issue 2)
DOI	10.11648/j.sjbm.20221002.18
Page(s)	118-137
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Cryptocurrencies, Bitcoins, Accounting for Bitcoins

References

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APA Style

Mohamed Shaaban Ibrahim, Rana Mahmoud Abdou. (2022). Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Science Journal of Business and Management, 10(2), 118-137. https://doi.org/10.11648/j.sjbm.20221002.18

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ACS Style

Mohamed Shaaban Ibrahim; Rana Mahmoud Abdou. Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Sci. J. Bus. Manag. 2022, 10(2), 118-137. doi: 10.11648/j.sjbm.20221002.18

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AMA Style

Mohamed Shaaban Ibrahim, Rana Mahmoud Abdou. Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Sci J Bus Manag. 2022;10(2):118-137. doi: 10.11648/j.sjbm.20221002.18

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@article{10.11648/j.sjbm.20221002.18,
  author = {Mohamed Shaaban Ibrahim and Rana Mahmoud Abdou},
  title = {Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins},
  journal = {Science Journal of Business and Management},
  volume = {10},
  number = {2},
  pages = {118-137},
  doi = {10.11648/j.sjbm.20221002.18},
  url = {https://doi.org/10.11648/j.sjbm.20221002.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20221002.18},
  abstract = {This research aims to examine the current practices of accounting for bitcoins by reviewing some studies which related to this topic, and thus for achieving the main objective of the study, which is to develop a proposed model to account for bitcoins that harmonizes accounting practices of bitcoins. The main objective of the study is to develop a proposed model to account for bitcoins that unify accounting practices of bitcoins. To achieve this objective, the researchers divided the research include the following: “Introduction” which aimed to gain a holistic view for the research, And then "Literature Review." In this chapter the researchers clarify the nature, characteristics, pros and cons, and also how the bitcoin system works, through reviewing number of papers, accounting academic journals, professional publications. After that, the researchers reviewing different current accounting practices for bitcoins, and the efforts of some formal organizations in accounting for bitcoins. Finally, the researchers represented A proposed framework for unifying the accounting practices for bitcoins; the proposed framework consisted of five main pillars, recognition and classification of bitcoins, measurement of bitcoins and disclosures for bitcoins. The study hypotheses were empirically tested, using descriptive statistics, Chi-Square and Mann-Whitney test, also a One-Way ANOVA test was done to examine the significant differences between the different groups in each category of the population, the academics, the issuers of financial statements and the accountants. By examining the proposed Model for accounting for bitcoins empirically, the hypotheses were accepted which determined that the proposed model provides a unify model can be used in accounting for bitcoins, and thus it will increase the quality of financial reports.},
 year = {2022}
}

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TY  - JOUR
T1  - Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins
AU  - Mohamed Shaaban Ibrahim
AU  - Rana Mahmoud Abdou
Y1  - 2022/06/27
PY  - 2022
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DO  - 10.11648/j.sjbm.20221002.18
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
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EP  - 137
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20221002.18
AB  - This research aims to examine the current practices of accounting for bitcoins by reviewing some studies which related to this topic, and thus for achieving the main objective of the study, which is to develop a proposed model to account for bitcoins that harmonizes accounting practices of bitcoins. The main objective of the study is to develop a proposed model to account for bitcoins that unify accounting practices of bitcoins. To achieve this objective, the researchers divided the research include the following: “Introduction” which aimed to gain a holistic view for the research, And then "Literature Review." In this chapter the researchers clarify the nature, characteristics, pros and cons, and also how the bitcoin system works, through reviewing number of papers, accounting academic journals, professional publications. After that, the researchers reviewing different current accounting practices for bitcoins, and the efforts of some formal organizations in accounting for bitcoins. Finally, the researchers represented A proposed framework for unifying the accounting practices for bitcoins; the proposed framework consisted of five main pillars, recognition and classification of bitcoins, measurement of bitcoins and disclosures for bitcoins. The study hypotheses were empirically tested, using descriptive statistics, Chi-Square and Mann-Whitney test, also a One-Way ANOVA test was done to examine the significant differences between the different groups in each category of the population, the academics, the issuers of financial statements and the accountants. By examining the proposed Model for accounting for bitcoins empirically, the hypotheses were accepted which determined that the proposed model provides a unify model can be used in accounting for bitcoins, and thus it will increase the quality of financial reports.
VL  - 10
IS  - 2
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Author Information

Mohamed Shaaban Ibrahim

Faculty of Commerce and Business Administration, Helwan University, Cairo, Egypt
Rana Mahmoud Abdou

Faculty of Commerce and Business Administration, Helwan University, Cairo, Egypt

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APA Style

Mohamed Shaaban Ibrahim, Rana Mahmoud Abdou. (2022). Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Science Journal of Business and Management, 10(2), 118-137. https://doi.org/10.11648/j.sjbm.20221002.18

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ACS Style

Mohamed Shaaban Ibrahim; Rana Mahmoud Abdou. Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Sci. J. Bus. Manag. 2022, 10(2), 118-137. doi: 10.11648/j.sjbm.20221002.18

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AMA Style

Mohamed Shaaban Ibrahim, Rana Mahmoud Abdou. Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins. Sci J Bus Manag. 2022;10(2):118-137. doi: 10.11648/j.sjbm.20221002.18

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@article{10.11648/j.sjbm.20221002.18,
  author = {Mohamed Shaaban Ibrahim and Rana Mahmoud Abdou},
  title = {Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins},
  journal = {Science Journal of Business and Management},
  volume = {10},
  number = {2},
  pages = {118-137},
  doi = {10.11648/j.sjbm.20221002.18},
  url = {https://doi.org/10.11648/j.sjbm.20221002.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20221002.18},
  abstract = {This research aims to examine the current practices of accounting for bitcoins by reviewing some studies which related to this topic, and thus for achieving the main objective of the study, which is to develop a proposed model to account for bitcoins that harmonizes accounting practices of bitcoins. The main objective of the study is to develop a proposed model to account for bitcoins that unify accounting practices of bitcoins. To achieve this objective, the researchers divided the research include the following: “Introduction” which aimed to gain a holistic view for the research, And then "Literature Review." In this chapter the researchers clarify the nature, characteristics, pros and cons, and also how the bitcoin system works, through reviewing number of papers, accounting academic journals, professional publications. After that, the researchers reviewing different current accounting practices for bitcoins, and the efforts of some formal organizations in accounting for bitcoins. Finally, the researchers represented A proposed framework for unifying the accounting practices for bitcoins; the proposed framework consisted of five main pillars, recognition and classification of bitcoins, measurement of bitcoins and disclosures for bitcoins. The study hypotheses were empirically tested, using descriptive statistics, Chi-Square and Mann-Whitney test, also a One-Way ANOVA test was done to examine the significant differences between the different groups in each category of the population, the academics, the issuers of financial statements and the accountants. By examining the proposed Model for accounting for bitcoins empirically, the hypotheses were accepted which determined that the proposed model provides a unify model can be used in accounting for bitcoins, and thus it will increase the quality of financial reports.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Nature of Bitcoins and It’s Accounting Issues: A Proposed Model of Accounting for Bitcoins
AU  - Mohamed Shaaban Ibrahim
AU  - Rana Mahmoud Abdou
Y1  - 2022/06/27
PY  - 2022
N1  - https://doi.org/10.11648/j.sjbm.20221002.18
DO  - 10.11648/j.sjbm.20221002.18
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 118
EP  - 137
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20221002.18
AB  - This research aims to examine the current practices of accounting for bitcoins by reviewing some studies which related to this topic, and thus for achieving the main objective of the study, which is to develop a proposed model to account for bitcoins that harmonizes accounting practices of bitcoins. The main objective of the study is to develop a proposed model to account for bitcoins that unify accounting practices of bitcoins. To achieve this objective, the researchers divided the research include the following: “Introduction” which aimed to gain a holistic view for the research, And then "Literature Review." In this chapter the researchers clarify the nature, characteristics, pros and cons, and also how the bitcoin system works, through reviewing number of papers, accounting academic journals, professional publications. After that, the researchers reviewing different current accounting practices for bitcoins, and the efforts of some formal organizations in accounting for bitcoins. Finally, the researchers represented A proposed framework for unifying the accounting practices for bitcoins; the proposed framework consisted of five main pillars, recognition and classification of bitcoins, measurement of bitcoins and disclosures for bitcoins. The study hypotheses were empirically tested, using descriptive statistics, Chi-Square and Mann-Whitney test, also a One-Way ANOVA test was done to examine the significant differences between the different groups in each category of the population, the academics, the issuers of financial statements and the accountants. By examining the proposed Model for accounting for bitcoins empirically, the hypotheses were accepted which determined that the proposed model provides a unify model can be used in accounting for bitcoins, and thus it will increase the quality of financial reports.
VL  - 10
IS  - 2
ER  -

Copy | Download