How should the financial statements be prepared

Reference no: EM133610191

Question: Prepare the financial statements for 2023 and 2024 for a January 1, 2023, created cryptocurrency corporation. Write a memo on:

1. How should the financial statements be prepared?

2. How should their crypto inventory be presented?

3. How should their crypto investments be presented?

4. How will the mining bitcoins be shown as well as investment bitcoins held by the company (like Tesla has)?

5. What is the IFRS position?

6. How will the IRS treat these cryptocurrencies for tax purposes?

Reference no: EM133610191

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