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TagsWhat are the reporting requirements for cryptocurrency companies under IFRS and US GAAP?
Sakshi KesareJan 12, 2022 · 3 years ago1 answersCan you explain the reporting requirements that cryptocurrency companies need to follow under the International Financial Reporting Standards (IFRS) and the US Generally Accepted Accounting Principles (GAAP)?
1 answers
- When it comes to reporting requirements for cryptocurrency companies, both IFRS and US GAAP have guidelines in place. Under IFRS, companies are required to disclose the fair value of their cryptocurrencies, any impairment losses, and any gains or losses on disposal. They also need to disclose the accounting policies they use for cryptocurrencies. Similarly, under US GAAP, companies need to disclose the fair value of their cryptocurrencies, any impairment losses, and any gains or losses on disposal. Additionally, they need to disclose any significant risks and uncertainties related to cryptocurrencies. It's important for cryptocurrency companies to stay up to date with these reporting requirements and work with professionals who have expertise in this area to ensure compliance and accurate financial reporting.Jan 12, 2022 · 3 years ago
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