TaxBit’s Accounting Suite now supports IFRS and FASB guidance, expanding its serviceable market.
NEW YORK, March 21, 2024 /PRNewswire/ — TaxBit, the leading provider of compliance solutions for digital assets, today announced that the TaxBit Accounting Suite now supports International Financial Reporting Standards (IFRS) and multi-functional currencies, bringing the solution to a globally recognized standard for accounting compliance.
IFRS, set by the International Accounting Standards Board, is a set of accounting standards that dictate reporting practices for financial statements. With this latest update to TaxBit’s Accounting Suite, customers will be able to use IFRS calculations on their digital assets investments and have reports accurately representing their chosen configuration with the click of a button, including reporting in their local geography functional currency. As regulatory advancements continue to guide the growth of the digital asset industry, embracing guidance like IFRS is a critical step towards further legitimizing digital assets and fostering the market’s growth at a global scale.
“In supporting IFRS and additional reporting currencies, TaxBit is now positioned to better service a broad range of new and existing customers across global markets,” said Aaron Jacob, head of accounting solutions at TaxBit. “We believe this type of guidance and cross-functionality can help propel further adoption of digital assets, and we are proud to offer a service that not only fosters that growth, but provides a compliant and secure means to do so.”
TaxBit’s Accounting Suite also complies with the Financial Accounting Standard Board’s December 2023 Accounting Standards Update, which provides clarity and guidance on the accounting for and disclosing digital assets. TaxBit is helping to support the early adoption of new standards, effective for all fiscal years beginning after December 15, 2024, with its FASB reporting solution.
Key features of TaxBit’s Accounting Suite include:
- Entity Roll-Up Capabilities: TaxBit’s Accounting Suite allows users to consolidate activities across multiple legal entities into a unified view with a roll-up of transaction data across reports. Whether managing dedicated business units or entities across multiple geographies, users can tailor reporting to meet currency, timezone, and accounting methodology needs.
- Comprehensive Data Management: Stores all versions of data loaded into the system as well as comprehensive calculations and reports generated, enhancing users’ internal controls with full auditability and the seamless identification of any data discrepancies.
- Optimizing Performance: Handles high volumes of transactions by leveraging pre-calculated data to minimize on-the-fly data aggregation, ensuring users can access the information they need without experiencing delays or disruptions.
- Innovative Accounting Methodology: Allows for multiple methods of negative balance handling, including our Retroactive Cost Basis option. This unrivaled methodology is particularly applicable for high-volume trading customers where transactions occur in a non-linear order, providing control around which cost basis to apply to a disposition that may have occurred earlier.
- Enhanced Compliance: With support for both IFRS and FASB standards, TaxBit ensures that users’ reporting remains aligned with regulatory compliance standards. This commitment to compliance provides peace of mind for businesses seeking to adopt best practices in financial reporting, especially those whose operations span multiple geographies.
- Multi-Book Reporting: Supports different accounting methodologies between tax and accounting books, allowing users to toggle between these views.
For more information on TaxBit’s IFRS support, please visit taxbit.com/enterprise-accounting.
About TaxBit
Designed by CPAs and tax attorneys, TaxBit is the digital economy’s leading tax and accounting compliance solution. Our end-to-end platform, tailored for enterprises, financial institutions, and government bodies, streamlines compliance while ensuring accuracy. TaxBit is SOC 1 Type 1, SOC 2 Type 2 attestation and ISO 27001 certified. TaxBit has secured over $235 million from leading global investors, including Tiger Global, Haun Ventures, and PayPal Ventures. TaxBit is headquartered in Draper, Utah, with offices in Salt Lake City, San Francisco, Seattle, New York, and Washington, D.C. For more information, please visit www.taxbit.com.
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