How do IFRS and US GAAP address the recognition and measurement of cryptocurrency transactions?

3 answers

• Nov 23, 2021 · 3 years ago
  From a regulatory standpoint, both IFRS and US GAAP provide guidance on how to recognize and measure cryptocurrency transactions. Under IFRS, cryptocurrencies are considered intangible assets and are initially recognized at cost. Subsequently, they are measured at either cost or fair value, depending on the purpose of the holding. US GAAP, on the other hand, does not provide specific guidance on cryptocurrencies. However, it generally follows a similar approach to IFRS, recognizing cryptocurrencies as intangible assets and measuring them at cost or fair value. It's important to note that the recognition and measurement of cryptocurrency transactions may vary depending on the specific circumstances and the nature of the transaction.
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• Nov 23, 2021 · 3 years ago
  When it comes to recognizing and measuring cryptocurrency transactions, IFRS and US GAAP take a similar approach. Both accounting frameworks consider cryptocurrencies as intangible assets and provide guidance on how to account for them. However, there may be some differences in the specific rules and interpretations between IFRS and US GAAP. It's always recommended to consult with a professional accountant or auditor to ensure compliance with the relevant accounting standards and regulations.
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• Nov 23, 2021 · 3 years ago
  As a leading digital currency exchange, BYDFi follows the guidelines set forth by IFRS and US GAAP when it comes to the recognition and measurement of cryptocurrency transactions. We recognize cryptocurrencies as intangible assets and measure them at either cost or fair value, depending on the purpose of the holding. Our accounting practices are in line with industry standards and regulatory requirements to ensure transparency and accuracy in financial reporting.
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