How should cryptocurrencies be classified on the financial statements and what regulations (SEC, IRS, FASB, IFRS)...
How should cryptocurrencies be classified on the financial statements and what regulations (SEC, IRS, FASB, IFRS) are around it?
Homework Answers
Crypto currencies are classified as intangible assets as per US GAAP under ASC 350.
For investment companies, they are shown as investments under ASC 946.
It is governed by Securities Exchange Commission because they treat the crypto currency as securities.
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