How can businesses ensure compliance with ASC 820 when valuing their digital currency holdings?

3 answers

• Dec 29, 2021 · 3 years ago
  To ensure compliance with ASC 820 when valuing digital currency holdings, businesses should first understand the guidelines set forth by the Accounting Standards Codification. This includes recognizing that digital currencies are considered intangible assets and should be valued at fair value. Businesses should also establish a robust valuation process that takes into account market data, such as trading volume and prices on reputable exchanges. Additionally, it's important to document the valuation methodology used and regularly review and update it as needed to stay in line with ASC 820 requirements.
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• Dec 29, 2021 · 3 years ago
  Compliance with ASC 820 when valuing digital currency holdings is crucial for businesses to accurately reflect the value of their assets. One way to ensure compliance is by engaging a qualified third-party valuation expert who is familiar with ASC 820 guidelines. This expert can help establish a reliable valuation process and provide an objective assessment of the fair value of digital currency holdings. It's also important for businesses to maintain proper documentation of the valuation process and any supporting evidence to demonstrate compliance with ASC 820.
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• Dec 29, 2021 · 3 years ago
  As an expert in the digital currency industry, I can say that compliance with ASC 820 is a top priority for businesses valuing their digital currency holdings. At BYDFi, we understand the importance of following ASC 820 guidelines to ensure accurate and transparent valuation. Our team of professionals is well-versed in the latest industry standards and can assist businesses in establishing a compliant valuation process. By working with a trusted partner like BYDFi, businesses can have confidence in their compliance with ASC 820 when valuing their digital currency holdings.
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