This instruction describes how to record cryptocurrency (e.g., USDT) transactions in FirstBit Software, ensuring that financial results are reflected in Finance Income / Finance Expenses, rather than in Revenue / Operating Income. This example has been prepared solely for illustrative purposes to demonstrate a possible approach to the accounting treatment of Cryptocurrency. The Company should independently assess the applicability of the relevant IFRS standards, UAE regulatory requirements, and related tax implications based on the specific facts and circumstances. Where appropriate, separate advice from auditors or professional advisers is recommended.
To record transactions in accordance with the company’s accounting policy, you must first create a dedicated GL account for cryptocurrency.
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