The Federation of Colleges of Public Accountants of Venezuela approved the application bulletin VEN-NIF No. 12 V. 0. The accepted accounting principle covers the “holding of own crypto assets”.
It was reported that the Federation of Colleges of Public Accountants of Venezuela (FCCPV) recently approved the application bulletin VEN-NIF No. 12 V. 0 on the “holding of own assets”, which will govern accounting records in Petro and cryptocurrencies in general in the South American country. In an extraordinary session of the expanded National Board, held on February 15th in Caracas, the trade organization approved the document that provides details on the accounting treatment and presentation of cryptocurrencies.
It was also noted that the application bulletin establishes four main aspects of cryptocurrencies for their recognition, measurement, presentation, and disclosure. Details of the methods that accountants must adopt to keep the records of Bitcoin and Petro, among other cryptocurrencies, are provided in each line. The rule refers to people or companies that have control over cryptocurrencies stored in their wallets, that is, it does not include cryptocurrencies stored in exchanges or digital mining.
Jorge Gómez, secretary of studies and research of the FCCPV, informed that during the final deliberation a change was made to the name of the document, previously called “Accounting treatment of the holding of crypto assets in the financial statements prepared by with VEN-NIF and the presentation of financial statements measured in crypto assets”. After this deliberation, it was established that the name of the application bulletin would be “Holding of Own Crypto Assets”.
Gómez explained that there were a total of 32 votes, 15 of which came from the members of the federation and 17 from the presidents of the federated Colleges of Accountants that attended the extraordinary session. He indicated that, apart from the name, the document changed the style of the paragraphs regarding the measurement of crypto assets and in the conclusions.
It should be noted that the document was in a nationwide public consultation between December 31st, 2019 and January 31st, 2020. After that period, the revision of the suggestions and recommendations began to be included in the application bulletin. The development of the rules for the accounting treatment of cryptocurrencies was delegated to the FCCPV by the National Superintendence of Crypto Assets and Related Activities (Sunacrip) last December.
The trade organization announced the approval of the document on the social networks. The federation published on its Instagram account that on February 15th, 2020, the Extraordinary Expanded National Board was developed at the headquarters of the FCCPV, where the application bulletin VEN-NIF No. 12 V. 0 “Holding of Own Crypto Assets” was unanimously approved.
Gómez had previously indicated that this is the first application bulletin related to the holding of own crypto assets, but that two other application bulletins are expected for 2020. One of them would cover the holding of cryptocurrencies in exchanges, with its specific guidelines, and another would touch the issue of digital mining in Venezuela.
By Alexander Salazar
