Are there any specific guidelines for accounting for cryptocurrencies under US GAAP and IFRS?

3 answers

• Feb 17, 2022 · 3 years ago
  According to US GAAP and IFRS, cryptocurrencies should generally be accounted for as intangible assets. They should be initially recognized at cost and subsequently measured at fair value. Any changes in fair value should be recognized in the income statement. However, the specific accounting treatment may vary depending on the nature of the cryptocurrency and its intended use.
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• Feb 17, 2022 · 3 years ago
  When it comes to accounting for cryptocurrencies under US GAAP and IFRS, it's important to consider the guidance provided by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These organizations have issued guidance on how to account for cryptocurrencies, including the recognition, measurement, and presentation in financial statements.
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• Feb 17, 2022 · 3 years ago
  At BYDFi, we follow the guidelines set by US GAAP and IFRS when accounting for cryptocurrencies. Cryptocurrencies are treated as intangible assets and are initially recognized at cost. Subsequently, they are measured at fair value with any changes in fair value being recognized in the income statement. This ensures that our financial statements accurately reflect the value of our cryptocurrency holdings.
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