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Accounting
U.S. SEC Messed Up in Handling Contentious Crypto Accounting Bulletin: GAO
The Staff Accounting Bulletin 121 said customers' crypto assets in banks should be held on the banks' own balance sheets. That should have been a rule, not guidance, the GAO says, but the SEC says the policy remains unchanged in the meantime.
FASB Says Crypto Assets Should Be Marked at Current Values
The U.S. standard-setting organization for accounting has moved to insist companies use “fair-value” accounting to report their crypto holdings.
South Korea Wants Companies to Disclose Crypto Holdings
Under draft rules, companies that issue or own crypto will have to make disclosures in their financial statements starting next year.
Chainlink ‘Proof of Reserve’ Proves Little Beyond Data Going In, Coming Out
Projects like TrueUSD and Paxos are turning to Chainlink to give users transparency into their reserves, but their numbers remain difficult to verify.
New 1099-DA Reporting Creates More Headaches for Taxpayers
You might think new tax reporting rules for exchanges should mean less work for the taxpayer, but it’s the opposite, says CPA Kirk Phillips.
U.S. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts
The first U.S. rule for crypto accounting would aim at giving investors a better sense of a company’s digital assets through a “fair-value” approach.
U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits
The senator and her Democratic colleague Ron Wyden asked the U.S. auditing watchdog to rein in bogus audits in the digital assets sector.
Crypto Sector’s Reserve Reports Can’t Be Trusted, Says U.S. Audit Watchdog
Proof-of-reserve reviews aren’t audits, says the Public Company Accounting Oversight Board, and investors shouldn’t count on them.
Former Accounting Team of FTX US Auditor Armanino Sets Up Shop as The Network Firm
The episode highlights yet another chokepoint for the blockchain industry: It's become harder for crypto startups to enlist big accounting firms to do audits and asset attestations.
Crypto Lawyers Share Blame for FTX, Other Disasters, CFTC Commissioner Says
Gatekeepers such as lawyers, accountants and investment firms should have insisted the crypto industry handle itself in a safer fashion, Commissioner Goldsmith Romero argued.
