How do US GAAP and IFRS address the recognition and measurement of cryptocurrency transactions?

3 answers

• Dec 25, 2021 · 3 years ago
  According to US GAAP, cryptocurrency transactions should be recognized and measured based on their fair value at the time of the transaction. This means that the value of the cryptocurrency should be determined based on the current market price. IFRS also follows a similar approach, emphasizing the use of fair value for recognition and measurement of cryptocurrency transactions. However, both US GAAP and IFRS require careful consideration of the specific facts and circumstances surrounding each transaction.
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• Dec 25, 2021 · 3 years ago
  When it comes to recognizing and measuring cryptocurrency transactions, US GAAP and IFRS provide clear guidelines to ensure consistency and transparency. Both accounting frameworks emphasize the importance of fair value as the basis for recognition and measurement. This means that the value of the cryptocurrency should be determined based on its market price at the time of the transaction. However, it's worth noting that the specific application of these guidelines may vary depending on the nature and purpose of the transaction.
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• Dec 25, 2021 · 3 years ago
  As a leading digital asset exchange, BYDFi follows the guidelines provided by US GAAP and IFRS for the recognition and measurement of cryptocurrency transactions. We recognize the importance of fair value in accurately reflecting the value of cryptocurrencies and ensuring transparency in financial reporting. Our accounting team closely monitors the latest developments in accounting standards and ensures compliance with the guidelines set forth by US GAAP and IFRS. By adhering to these standards, we aim to provide our users with a reliable and trustworthy trading platform.
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