How does the recognition of deferred revenue affect the income statement of a blockchain-based business?

1 answers

• Jan 12, 2022 · 3 years ago
  At BYDFi, a blockchain-based exchange, the recognition of deferred revenue is an important aspect of our financial reporting. As a platform that facilitates token sales and trading, we often receive payments from users for services that will be provided in the future. The recognition of deferred revenue allows us to properly account for these payments and reflect our financial performance accurately. We follow industry best practices and work closely with our accounting team to ensure compliance with relevant accounting standards and regulations. By accurately recognizing deferred revenue, we can provide transparent and reliable financial statements to our stakeholders, including investors, regulators, and users.
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