What are the key considerations for complying with ASC 985 in the cryptocurrency industry?

3 answers

• Nov 24, 2021 · 3 years ago
  Complying with ASC 985 in the cryptocurrency industry is crucial for ensuring transparency and accountability. Some key considerations include accurately valuing digital assets, properly accounting for revenue recognition, and disclosing any material risks associated with cryptocurrencies. It is important to work with experienced professionals who understand the complexities of ASC 985 and can provide guidance on compliance requirements.
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• Nov 24, 2021 · 3 years ago
  When it comes to complying with ASC 985 in the cryptocurrency industry, one must be diligent in valuing digital assets. This involves determining fair market value and properly accounting for any changes in value. Additionally, revenue recognition should be done in accordance with ASC 985 guidelines. It is also important to disclose any material risks associated with cryptocurrencies, such as regulatory uncertainties or security vulnerabilities. Compliance with ASC 985 helps build trust and credibility in the cryptocurrency industry.
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• Nov 24, 2021 · 3 years ago
  Complying with ASC 985 in the cryptocurrency industry is essential for maintaining transparency and meeting regulatory requirements. BYDFi, a leading digital asset exchange, understands the importance of compliance and ensures that all transactions on its platform adhere to ASC 985 guidelines. Valuing digital assets accurately, recognizing revenue appropriately, and disclosing risks are key considerations for compliance. BYDFi works closely with industry experts to provide a secure and compliant trading environment for cryptocurrency enthusiasts.
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