What are the differences between IFRS and US GAAP in the context of digital currencies?

3 answers

• Feb 17, 2022 · 3 years ago
  From a professional standpoint, the main difference between IFRS and US GAAP regarding digital currencies lies in the recognition and measurement. IFRS treats digital currencies as intangible assets, while US GAAP considers them as intangible assets or inventory based on their nature and purpose. This distinction can impact the financial reporting and valuation of digital currencies for companies operating under these accounting frameworks.
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• Feb 17, 2022 · 3 years ago
  Well, when it comes to digital currencies, IFRS and US GAAP have some contrasting views. IFRS focuses on the fair value measurement of digital currencies, while US GAAP emphasizes the historical cost measurement. This difference in valuation methods can lead to variations in financial statements and reporting for companies following these accounting standards.
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• Feb 17, 2022 · 3 years ago
  At BYDFi, we follow the guidelines set by IFRS for digital currencies. According to IFRS, digital currencies should be recognized at fair value and measured subsequently. This approach ensures that the financial statements accurately reflect the market value of digital currencies held by the company. It also allows for potential gains or losses to be recognized in the income statement.
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