How does cryptocurrency accounting differ under IFRS compared to US GAAP?

3 answers

• Nov 23, 2021 · 3 years ago
  Under IFRS, cryptocurrencies are classified as intangible assets and are measured at fair value, with changes in fair value recognized in profit or loss. On the other hand, under US GAAP, cryptocurrencies are generally considered as indefinite-lived intangible assets and are not revalued unless there is impairment. The differences in classification and measurement lead to variations in the accounting treatment of cryptocurrencies between IFRS and US GAAP.
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• Nov 23, 2021 · 3 years ago
  Cryptocurrency accounting under IFRS and US GAAP differs primarily in the classification and measurement of cryptocurrencies. While IFRS treats cryptocurrencies as intangible assets, US GAAP does not provide specific guidance for their accounting treatment. As a result, companies following US GAAP may need to apply judgment and consider factors such as the nature of the cryptocurrency and its intended use to determine the appropriate accounting treatment.
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• Nov 23, 2021 · 3 years ago
  At BYDFi, we adhere to the accounting principles outlined in IFRS. This means that we classify cryptocurrencies as intangible assets and measure them at fair value. Any changes in fair value are recognized in our financial statements. This approach ensures transparency and consistency in our accounting practices for cryptocurrencies.
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