Are there any specific reporting requirements for digital currencies under IFRS and US GAAP?

3 answers

• Jan 12, 2022 · 3 years ago
  Under the IFRS, digital currencies are considered intangible assets and are accounted for under IAS 38. They should be recognized at cost and subsequently measured at cost or revalued amount. Any changes in fair value should be recognized in profit or loss. Under US GAAP, digital currencies are generally accounted for as intangible assets as well, and are subject to the guidance provided in ASC 350-30. They should be recognized at cost and subsequently measured at cost or fair value, with any changes in fair value recognized in earnings.
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• Jan 12, 2022 · 3 years ago
  When it comes to reporting requirements for digital currencies, it's important to note that the accounting treatment may vary depending on the specific circumstances and the jurisdiction. However, under both IFRS and US GAAP, the key principle is to recognize digital currencies as intangible assets and measure them at cost or fair value. Any changes in fair value should be reflected in the financial statements.
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• Jan 12, 2022 · 3 years ago
  As a representative of BYDFi, I can confirm that under both IFRS and US GAAP, digital currencies are treated as intangible assets. They should be initially recognized at cost and subsequently measured at cost or fair value. Any changes in fair value should be recognized in the financial statements. It's important for companies to ensure compliance with the reporting requirements set forth by the respective accounting standards boards.
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