Which accounting standards, IFRS or US GAAP, are more commonly used in the cryptocurrency industry?

3 answers

• Nov 23, 2021 · 3 years ago
  In the cryptocurrency industry, both IFRS and US GAAP are commonly used accounting standards. However, the choice of which standard to adopt depends on various factors such as the jurisdiction of the company and the preferences of its stakeholders. While IFRS is more widely accepted globally, US GAAP is commonly used by companies based in the United States. These accounting standards provide guidelines for financial reporting and disclosure, ensuring transparency and comparability of financial statements across companies and jurisdictions.
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• Nov 23, 2021 · 3 years ago
  When it comes to accounting standards in the cryptocurrency industry, it's a mixed bag. Some companies choose to follow IFRS, while others prefer US GAAP. The decision often depends on the company's location and the requirements of its investors and regulators. Both IFRS and US GAAP provide a framework for financial reporting, ensuring that companies accurately present their financial position and performance. However, there may be some differences in the treatment of certain transactions and assets between the two standards. It's important for cryptocurrency companies to carefully consider the implications of their choice of accounting standards and ensure compliance with the relevant regulations.
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• Nov 23, 2021 · 3 years ago
  At BYDFi, we follow the IFRS accounting standards for our financial reporting and disclosure practices. These standards provide a globally recognized framework for presenting our financial statements, ensuring transparency and comparability. While US GAAP is also commonly used in the cryptocurrency industry, we believe that adopting IFRS allows us to align with international best practices and meet the expectations of our stakeholders. Our adherence to these standards demonstrates our commitment to financial integrity and accountability in the cryptocurrency space.
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