Registration Time: 13:15
Sessions Time: 13:30 - 16:45  including a 15-minute break
Speaker: Mr Paul Zammit
Venue:   Online Webinar

Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40.00
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

*Group bookings for 3 or more participants available.

BACKGROUND INFORMATION

Malta has established itself as a global hub for blockchain and cryptocurrency innovation, but with this development comes significant accounting challenges for entities holding cryptographic assets.
This theoretical and practical course is specifically designed for local accountants navigating the complex financial reporting landscape, namely IFRS (International Financial Reporting Standards) and GAPSME (General Accounting Principles For Small And Medium Entities), to correctly and accurately account for activities relating to cryptographic asset holdings.
This course will not cover the tax treatment of cryptographic assets.

SPECIFIC TOPICS TO BE COVERED DURING THE SESSION

The first part of the session will be theoretical:
1. We will be visiting existing guidance in relation to the classification considerations that need to be applied by entities holding cryptographic assets.
2. We will tackle the accounting considerations that follow the correct classification, under both IFRS and GAPSME. In the case of GAPSME, special attention will be dedicated to an amendment as per 2024 legal notice that affects holders of cryptographic assets.

The second part of the session will be practical. We’ll be addressing the many challenges that local accounting practitioners are facing when accounting for transactions entered by holders of cryptographic assets. Specifically, a thought process covering the following is required:

1. The importance of having all foundational elements in place, including the application of the correct accounting framework, the identification of the correct functional currency and the availability of all necessary information related to cryptographic assets held.

2. The distinction, at the outset, between stable coins and other cryptographic assets.
3. A comprehensive list of possible journal entries for inflows of cryptographic assets.
4. A comprehensive list of possible journal entries for outflows of cryptographic assets.
5. A detailed overview of typical period-end accounting entries.
6. Any other practical considerations.

Why is the session of relevance to our members?

After the session, MIA members will be in a better position to ascertain that they’re properly accounting for transactions involving the holding of cryptographic assets.
Non-members, such as accountancy students as well as owners or managers of entities holding cryptographic assets, should gain a useful understanding of how cryptographic assets are reflected in financial reports, insofar as they have a basic knowledge of accounting.

Target Audience

Accountants that are preparing financial reports including investments or other activities in cryptographic assets.
Auditors that are auditing accounts including investments or other activities in cryptographic assets.
Accountancy students in general.

Speaker's Profile

Paul Zammit is a Certified Public Accountant and financial reporting specialist at NM Group, with over 15 years of experience. Since 2017, Paul has focused on financial reporting standards, particularly IFRS and GAPSME, playing a key role in engagements such as accounting advisory services and reviews of IFRS- and GAPSME-compliant financial statements.
In addition to his professional work, Paul has been lecturing on financial reporting since 2018, delivering courses to both students preparing for their ACCA or ACA exams and accounting professionals at CPE-accredited events. He has also contributed to several specialized IFRS projects during this time.
At NM Group, Paul advises clients on complex accounting transactions, oversees financial reporting obligations for multiple companies, and manages the firm's learning and development initiatives, specifically in financial reporting. Since 2022, he has been a member of the Malta Institute of Accountants’ Financial Reporting Committee, where he was involved in the 2024 amendments to GAPSME.

EVeNT CPE COMPETENCies

3  Core

WEBINARS TERMS AND CONDITIONS

Terms and conditions  apply

DISCLAIMER

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Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.