CURRENT TRENDS IN ACCOUNTING FOR CRYPTO ASSETS: A COMPARATIVE ANALYSIS OF ACCOUNTING PRACTICES IN THE US AND TURKIYE

The unpredictability, constant development, diversity, and risky nature of digital assets have led to intense international discussions regarding accounting and reporting processes. At the center of these discussions are cryptocurrencies, particularly within the scope of crypto assets. The purpose of this study is to compare the regulations related to accounting for crypto assets in terms of international and national legislation currently applied in the United States and Turkiye. To do this, an exploratory analysis was conducted to compare the definition, classification, initial recognition, and subsequent measurement of crypto assets under IFRS, US-GAAP, BOBI FRS, and MSUGT, and the accounting entries were demonstrated through a case study. The analysis showed that IFRS is more flexible than national regulations for classifying crypto assets while recent regulations under US-GAAP and BOBI FRS have made the accounting process for crypto assets clearer and more understandable.