caerCentral Asian Economic ReviewCentral Asian Economic Review2789-43982789-4401Университет Нархоз10.52821/2789-4401-2026-2-161-175caer-1785Research ArticleИНВЕСТИЦИИ, ФИНАНСЫ И УЧЕТINVESTMENT, FINANCE AND ACCOUNTINGВлияние учета и раскрытия криптоактивов на рыночную стоимость компанииThe impact of accounting for and disclosing information on crypto-assets on a company’s market valuehttps://orcid.org/0009-0005-0682-2763КуандыковаК. Е.KuandykovaK. E.

Астана

Astana

kalimakuandyk@gmail.comhttps://orcid.org/0000-0002-4491-9567МолдашбаеваЛ. П.MoldashbayevaL. P.

Астана

Astana

luizamoldashbayeva@gmail.comhttps://orcid.org/0009-0006-0428-6802УспамбаеваМ. К.UspambayevaM. K.

Астана

Astana

omk2108@gmail.comЕНУ имени Л.Н.ГумилеваКазахстанEurasian National University named after L.N. GumilyovKazakhstanESIL UNIVERSITYКазахстанESIL UNIVERSITYKazakhstan20262406202602161175Copyright © Куандыкова К.Е., Молдашбаева Л.П., Успамбаева М.К., 20262026Куандыкова К.Е., Молдашбаева Л.П., Успамбаева М.К.Kuandykova K.E., Moldashbayeva L.P., Uspambayeva M.K.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://caer.narxoz.kz/jour/article/view/1785

Цель исследования – проанализировать влияние практики бухгалтерского учёта и раскрытия информации о криптовалютных активах компаний на их финансовые результаты, доходность акций и обязательства. Методология – анализ финансовой отчётности компаний в Казахстане, учитывающих криптовалютные активы; сопоставление финансовых показателей; проведение регрессионного моделирования и корреляционного анализа; проверка двух гипотез.

Уникальность / ценность исследования – рассмотрение криптовалюты с точки зрения бухгалтерского учёта является редкой темой. Работа одной из первых системно анализирует вопросы учёта и раскрытия информации о криптовалютных активах в рамках международных стандартов.

Результаты исследования могут быть полезны государственным органам и компаниям при принятии управленческих решений. Результаты исследования – проведённый эмпирический анализ показал, что владение криптовалютными активами не оказывает значимого влияния на финансовые результаты компаний. В частности, криптовалютные позиции статистически не связаны с прибылью и доходностью акций. Это может свидетельствовать о нейтральном отношении инвесторов к компаниям, владеющим или не владеющим криптовалютой.

Кроме того, исследование выявило, что криптовалютные активы оказывают существенное влияние на обязательства компаний, повышая уровень финансового риска. В связи с этим криптовалюту нельзя рассматривать как денежный эквивалент в рамках действующих бухгалтерских стандартов, поскольку её высокая волатильность и сложность оценки могут снижать надёжность финансовой отчётности.

В заключение, исследование подтверждает актуальность рассмотрения криптовалюты в бухгалтерском учёте и необходимость дополнительных раскрытий в рамках международных стандартов. Будущие исследования должны охватывать более длительные периоды, уделять внимание выбору учётной политики, эволюции раскрытий, связанных с криптовалютой, и их влиянию на рыночную ценность компании.

Research Objective – to analyze the impact of companies’ accounting and disclosure practices for cryptocurrency assets on their financial performance, stock returns, and liabilities.

Methodology – analysis of financial statements of companies in Kazakhstan that account for cryptocurrency assets; comparison of financial indicators; application of regression models and correlation analysis; testing of two hypotheses.

Originality / Value of the Study – examining cryptocurrency from the perspective of accounting is a rare topic. This work is among the first to systematically analyze issues of accounting and disclosure of cryptocurrency assets within international standards. The findings provide useful insights for public authorities and companies in their decision-making processes.

Research Findings – the empirical analysis revealed that holding cryptocurrency assets does not significantly affect companies’ financial performance. Specifically, cryptocurrency positions show no statistically significant relationship with profits or stock returns. This suggests that investors may hold a neutral attitude toward companies that own or do not own cryptocurrency.

Furthermore, the study found that cryptocurrency assets have a substantial impact on companies’ liabilities, thereby increasing financial risk. Consequently, cryptocurrency should not be treated as a cash equivalent under current accounting standards, as its volatility and valuation complexity may undermine the reliability of financial reporting.

In conclusion, the study highlights the relevance of considering cryptocurrency in accounting and demonstrates the need for additional disclosures under international standards. Future research should cover longer time horizons, focus on accounting policy choices, examine the evolution of cryptocurrency-related disclosures, and assess their impact on firm value more comprehensively.

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The authors declare that there are no conflicts of interest present.