TaxBit Expands Digital Asset Accounting Services

TaxBit, the leading provider of compliance solutions for digital assets, today announced that the TaxBit Digital Asset 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. 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. Enhanced Compliance: With support for both IFRS and FASB standards, TaxBit ensures that users’ reporting remains aligned with regulatory compliance standards. Multi-Book Reporting: Supports different accounting methodologies between tax and accounting books, allowing users to toggle between these views.