The phenomenon of NFT (non-fungible tokens) as an accounting entity

Abstract

The emergence of the digital economy and increased activity in cyberspace have led to the creation of new technologies and digital products such, as non-fungible tokens (NFT). The article presents the arguments that justify the need to study NFT as an object of legal relations and an object of accounting. A brief description of these items has been given; their types and market of circulation have been studied, and, also the current legal provisions, Russian accounting standards and international financial reporting standards have been analysed. To define NFT as an accounting object, the types of accounting objects enshrined in Federal Law No. 402-FZ “On Accounting” have been considered and the criteria for their attribution in relation to NFT have been analysed. The legal and accounting problems associated with the emergence of a new object have been highlighted and the ways for further research in the field of creating an accounting methodology for NFT as a specific and highly promising digital product have been defined.

NFT (Non-Fungible Tokens) as an Object of Accounting

“…A separate issue regarding the classification of NFTs as an accounting object is a reliable determination of the value of assets [16].…”

Categorizing digital assets into digital financial and non-financial ones

“…Невзаимозаменяемый токен следует отнести к нефинансовым цифровым активам, поскольку он неразрывно связан с интеллектуальной собственностью (авторским правом) и правами собственности, соответственно, в целях учета в организации будет учитываться как нематериальный актив в соответствии с рекомендациями Совета МСФО и результатами исследований многих авторов научных работ [20]. Основные признаки классификации невзаимозаменяемого токена:…”