1 / 1 Relevant items tagged with #Accounting

Posts

Crypto Custody Firm Fireblocks Adds ‘One-Click’ Audits, Tax Reporting

[Jun 20 7:00 AM] Software from Web3 accounting company Tres works with a wide range of digital asset networks, and can be integrated with accounting software such as QuickBooks, Xero and NetSuite.

Wall Street Asks Biden Not to Veto Congress' Rejection of SEC Crypto Policy

[May 31 3:26 PM] In a rare lobbying overlap with crypto world, Wall Street banks and members of Congress are asking President Joe Biden to reverse course on his vow to veto the U.S. congressional resolution to overturn the U.S. Securities and Exchange Commission's…

Does the SAB 121 Vote Mean Anything for Future Crypto Legislation?

[May 17 1:17 PM]

Will Biden Get the Final Say Over a Controversial Crypto Accounting Rule?

[May 9 1:45 PM] Critics of SAB 121, introduced in March 2022, have called the rule “obscure,” a “diktat” and a “pernicious weed.”

House Votes to Erase SEC Crypto Policy While President Biden Vows Veto

[May 8 2:17 PM] The U.S. House of Representatives is poised to vote on a resolution Wednesday to reject the Securities and Exchange Commission (SEC) cryptocurrency accounting guidance that the industry said has deterred banks from handling crypto customers, but…

MicroStrategy Q1 net loss hits $53.1M but Bitcoin buying spree continues

[Apr 29 5:52 PM] MicroStrategy has yet to adopt the new accounting standard that would have taken the billions of dollars in paper gains from Bitcoin’s 65% price rally into account.

U.S. Lawmakers Seek to Overturn SEC's Crypto Accounting Policy

[Feb 1 4:17 PM] Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer's crypto assets.

Crypto Accounting and Tax Reporting Platform TRES Raises $11M to Add New Blockchains

[Dec 20, 2023 8:00 AM] TRES currently services clients with combined assets worth $19 billion, helping them manage, monitor and reconcile their digital asset activity across over 100 layer-1 and layer 2-blockchain networks

FASB Confirms 'Fair Value' Approach for Corporate Crypto Holdings

[Dec 13, 2023 10:25 AM] The Financial Accounting Standards Board, a U.S. entity that details how companies should report assets on their balance sheet, published a standards update on Wednesday that will let corporations recognize "fair value" changes in crypto holdings.

U.S. SEC's Knock From Congressional Watchdog May Not Budge Crypto Accounting Policy

[Nov 2, 2023 9:21 AM] As the U.S. Securities and Exchange Commission (SEC) Chair keeps chasing non-compliance in crypto, his agency was slammed by the watchdog Government Accountability Office (GAO) for its own compliance failure in issuing crypto accounting standards…

U.S. SEC Messed Up in Handling Contentious Crypto Accounting Bulletin: GAO

[Oct 31, 2023 1:11 PM] The U.S. Securities and Exchange Commission (SEC) was out of bounds when it issued its controversial "Staff Accounting Bulletin 121," according to the Government Accountability Office (GAO). The 2022 guidance, which the industry says threatens…

FASB rules ‘eliminate the poor optics’ that shied firms from crypto: Analyst

[Sep 6, 2023 10:53 PM] “The change should help MicroStrategy and other companies that hold digital assets to eliminate the poor optics that have been created by impairment losses,” said analysts from Berenberg Capital.

FASB Says Crypto Assets Should Be Marked at Current Values

[Sep 6, 2023 12:40 PM] The first U.S. accounting rule specifically for cryptocurrency will say that companies must use a fair-value approach that would demand certain digital assets be measured at what they would trade for in the markets, according to the Financial…

South Korea Wants Companies to Disclose Crypto Holdings

[Jul 12, 2023 1:27 AM] Companies that issue or own crypto will have to make disclosures in their financial statements from next year onwards, say draft rules.

Chainlink ‘Proof of Reserve’ Proves Little Beyond Data Going In, Coming Out

[Jul 5, 2023 9:33 AM] Projects like TrueUSD and Paxos are turning to Chainlink to give users transparency into their reserves, but their numbers remain difficult to verify.

Decoding Bitcoin’s Transaction Surge: The Emergence Of History’s Greatest Accounting Innovation

[May 21, 2023 6:00 AM] This is an opinion editorial by Darin Feinstein, the co-founder and co-chairman of Bitcoin mining firm Core Scientific.The recent surge in transaction volume on the Bitcoin network has sparked conversation and debate about heightened transaction…

7,800 jobs at IBM could be replaced by AI within years, suggests CEO

[May 1, 2023 11:01 PM] Arvind Krishna, the chief executive of IBM, said roughly 30% of their non-customer-facing positions could be covered by artificial intelligence over a five-year period.

New 1099-DA Reporting Creates More Headaches for Taxpayers

[Apr 13, 2023 10:59 AM] You might think that new tax reporting rules for exchanges should mean less work for the taxpayer, but it’s the opposite, says CPA Kirk Phillips.

FTX Finds $7.3 Billion in Liquid Assets; Lawyers Consider Rebooting Shuttered Crypto Exchange

[Apr 13, 2023 8:30 AM] FTX debtors revealed during a hearing on April 12th that the restructuring team has collected $7.3 billion in liquid assets. The exchange is currently considering a relaunch, according to a lawyer representing the defunct cryptocurrency exchange…

U.S. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts

[Mar 24, 2023 10:21 AM] U.S. accounting standards may be overhauled to specifically factor in crypto accounting, establishing a fair-value approach that would demand certain digital assets be measured at what they’d go for in the markets, according to a change proposed…

U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits

[Mar 21, 2023 3:45 PM] Sen. Elizabeth Warren (D-Mass.) and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system.

Lawyers picnic: FTX counsel and advisors rake in $34M in January

[Mar 7, 2023 11:03 PM] Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case.

U.S. lawmakers argue SEC accounting policy places crypto customers at risk

[Mar 2, 2023 11:56 PM] While the bulletin was intended to provide clarity regarding the accounting treatment for digital assets, it has been criticized by both lawmakers and regulators.

Marathon Digital bungles crypto impairment sums, will reissue financials

[Feb 28, 2023 7:13 PM] The Bitcoin miner received a letter from the SEC on Feb. 22 which highlighted accounting mistakes it made on multiple financial disclosures.

NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

[Jan 23, 2023 2:00 PM] On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses…

Leading Crypto Tax and Accounting Provider Ledgible Unveils New Design

[Jan 16, 2023 12:00 PM] PRESS RELEASE. Ledgible, the leading digital asset tax and accounting solution for institutions, professionals, and investors unveils a newly revamped website and interface. Users can now quickly explore the company’s various digital asset…

USDC transfer volume hit 5X USDT's in fallout from FTX collapse

[Jan 11, 2023 12:16 AM] Although it has a much smaller market cap, on-chain data shows that USDC has a much greater transfer volume compared to its main competitor USDT.

Despite endless media appearances, SBF unlikely to testify on 13th

[Dec 4, 2022 7:57 PM] One observer suggested Bankman-Fried may be reluctant to discuss FTX due to the legal implication of lying under oath to the U.S. Congress.

Celsius had 'insufficient' accounting and operational controls, says examiner

[Nov 20, 2022 9:56 PM] The examiner revealed that Celsius’ digital assets in its customer’s Custody wallets account officially became underfunded on Jun. 11.