To properly account for cryptocurrency, a city looks at various guidance. At the end of the year,
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- To properly account for cryptocurrency, a city looks at various guidance. At the end of the year, the cryptocurrency is worth $10,000 based on the open market, and the costs of selling are 0.5 percent. Industry standards value the cryptocurrency on open market value only (without looking at selling costs), while the GASB bulletin 2021-04 values at market value less selling cost.
- How should the city entity value the currency? The cryptocurrency originally costs $25,000
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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