Legal provisions of the Venezuelan State for the recording of accounting information

As indicated in the previous article, sales of dairy products are part of ordinary income, since they fall under (a) the sale of goods (whether or not the entity produces them for sale or acquires them for resale).

Types of income from sales in foreign currency, from a formal point of view in Venezuela, there are only two types of currencies acceptable for accounting purposes (Petro and Bolivars) to carry out economic transactions, this according to legal dispositions of the Venezuelan State.

Such legal provisions instruct natural and legal persons, both public and private, regarding the mandatory registration of information and economic facts expressed in sovereign crypto-assets, without disregarding the Bolivars as the reference currency.

Subsequently, the absence of criteria, the eminent scarcity of accounting information for the registration of transactions in sovereign cryptoassets, the inconsistencies in the Biopago payment system, together with the disconnection between the banking entities and the companies that receive the sovereign cryptoassets, increase the organizational and financial instability, since many companies do not know exactly how to register the transactions made in cryptoassets.

The legal provisions of the Venezuelan State stipulate that the accounting records of transactions with cryptoassets shall be subject to the technical standards on recognition, measurement, presentation and disclosure issued by the Federation of Public Accountants' Associations of the Bolivarian Republic of Venezuela, prior authorization of the National Superintendence of Cryptoassets and Related Activities..