Crypto Accounting, Tax & Audit Services

Grant Thornton Singapore provides comprehensive professional accounting, tax preparation, audit, and CFO advisory services specializing in digital assets and cryptocurrency transactions under Singapore Financial Reporting Standards (SFRS and SFRS(I)).

Crypto Accounting Advisory

As cryptocurrency adoption has grown, determining appropriate accounting treatment remains challenging since digital assets don't fit neatly within existing financial reporting frameworks. Grant Thornton's team helps organizations navigate complex accounting treatment of cryptocurrency transactions through:

Accounting Policy Development: Determining appropriate accounting policies for cryptocurrency-related transactions by evaluating multiple accounting standards including FRS 7 (Statement of Cash Flow), FRS 109 (Financial Instruments), FRS 16 (Property, Plant and Equipment), FRS 38 (Intangible Assets), and FRS 2 (Inventories) for holdings of cryptocurrencies. For issuance of crypto tokens, the team evaluates FRS 109, FRS 32 (Financial Instruments Presentation), FRS 115 (Revenue from Contracts), and FRS 37 (Provisions, Contingent Liabilities and Contingent Assets).

Implementation Support: Assistance with computation of adjustments required for proper recognition and measurement of cryptocurrencies in financial statements, including calculating fair values, determining appropriate classification, and ensuring measurement complies with applicable standards.

Financial Statement Preparation: Support in drafting full financial statements or updating existing disclosures to properly reflect crypto transactions, ensuring transparency and compliance with regulatory requirements while providing stakeholders with clear information about cryptocurrency holdings and activities.

Crypto Tax Services

Comprehensive tax services spanning advisory, compliance, governance, and specialized areas to help crypto businesses navigate Singapore's tax landscape:

Crypto Tax Advisory: Strategic tax planning covering international tax structuring, mergers and acquisitions tax support, and exit strategy planning for crypto businesses. The team helps navigate complex cross-border tax issues and optimize tax positions.

Corporate Tax Compliance: Preparation of corporate tax files and ruling requests for crypto transactions, support with tax deferrals, guidance on accounting procedures for tax purposes, and assistance in realizing available tax benefits and incentives specific to digital assets.

Transfer Pricing: End-to-end transfer pricing services for intercompany crypto transactions, from policy design through annual compliance to defense against competing tax authority claims, ensuring arm's length pricing in accordance with Singapore and international regulations.

GST (Goods and Services Tax): Comprehensive GST support for crypto businesses throughout the lifecycle including registration, compliance, risk management, transaction advisory, and GST Assisted Self-Help Kit (ASK) Review.

Audit & Assurance for Crypto Companies

High-quality audit services tailored to crypto-native companies and businesses with digital asset holdings:

Comprehensive Risk Assessment: Audits go beyond compliance to identify root causes of crypto accounting issues and expose risk areas specific to digital assets that could impact business performance. The team provides tailored recommendations to address identified concerns.

Crypto-Specific Audit Methodology: Employing global audit standards adapted for cryptocurrency transactions, ensuring consistent high-quality services with deep expertise in digital asset verification, valuation, and financial reporting.

Regulatory Compliance: Audit support that addresses Singapore regulatory expectations for cryptocurrency holdings and transactions, building transparency around financial position and regulatory obligations while identifying opportunities for operational improvement.

CFO Advisory for Crypto-Native Companies

Finance function support specifically designed for crypto and blockchain businesses:

Accounting Advisory: Support with complex crypto financial reporting requirements including IFRS/US GAAP conversions, new accounting standards implementation for digital assets, financial statement preparation, and consolidation for crypto treasury holdings.

CFO as a Service: Interim or part-time CFO services for crypto startups and scale-ups that need senior finance leadership with cryptocurrency expertise without a full-time hire. Services include financial planning and analysis for digital assets, board reporting, investor relations, and strategic finance support.

Managed Accounting and Bookkeeping: Outsourced accounting operations for crypto businesses including transaction processing for on-chain and off-chain transactions, ledger management, cost basis tracking, and management reporting.

Why Grant Thornton

The Financial Reporting Advisory Services team has successfully helped numerous companies with accounting treatment for cryptocurrency holdings, token issuances, and other crypto- and blockchain-related accounting issues. The team recognizes that every business is unique and works closely with clients to understand their specific needs, leveraging past experience to deliver deep insights and practical solutions.

While fair value accounting through profit or loss may seem intuitive for crypto holdings, it's often incompatible with SFRS(I)/SFRS requirements in most circumstances. Grant Thornton's expertise ensures clients adopt compliant, defensible accounting treatments that accurately represent their cryptocurrency activities while meeting audit, tax, and regulatory requirements.