Comparative analysis of crypto assets under US GAAP, IFRS/TFRS, and BOBİ FRS

This study aims to comparatively examine the accounting and financial reporting practices of crypto assets within the framework of international (IFRS – FASB ASU 2023-08) and national (BOBİ FRS) regulations. With the rapid development of the digital economy, crypto assets have introduced new conceptual discussions in accounting standards regarding recognition, classification, and measurement. In this context, the study analyzes the approaches of existing regulations toward crypto assets and evaluates the effects of different accounting frameworks on financial reporting. The findings reveal that crypto assets are accounted for at fair value under both FASB ASU 2023-08 and BOBİ FRS, which came into effect in Türkiye as of 2024. Both frameworks generally require these assets to be classified as intangible assets, while the Turkish regulation additionally introduces a distinctive balance sheet item titled "Digital Assets." On the other hand, within the IFRS framework, there is still no specific standard addressing crypto assets; however, according to the 2019 IFRIC agenda decision, entities are allowed to classify such assets as either inventories or intangible assets, depending on their purpose of holding. Moreover, the enhanced disclosure requirements introduced in the accompanying notes aim to improve transparency in financial reporting. In the discussion section, it was determined that although a certain degree of convergence has been achieved among international accounting standards, significant practical differences remain in areas such as valuation processes, volatility, legal frameworks, and global harmonization. Accordingly, it is recommended to develop clearer, more consistent, and harmonized standards for the accounting of crypto assets, to prepare additional guidance on fair value measurement, and to strengthen the qualitative aspects of disclosure requirements. In conclusion, this study demonstrates that crypto assets have begun to be addressed under different accounting standards based on similar principles; however, the current practices have not yet achieved full integration. This highlights the necessity, from an accounting profession perspective, of establishing an internationally harmonized reporting framework specifically designed for crypto assets.