Accounting

The Financial Accounting Standards Board is issuing the first crypto-specific accounting standard for companies with digital assets. (Krisanapong Detraphiphat/Getty Images)
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.
The Financial Accounting Standards Board is issuing the first crypto-specific accounting standard for companies with digital assets. (Krisanapong Detraphiphat/Getty Images)

Seoul at dusk with Lotte Tower and mountains in background
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.
Seoul at dusk with Lotte Tower and mountains in background

Chainlink Founder Sergey Nazarov. (Chainlink Labs)
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.
Chainlink Founder Sergey Nazarov. (Chainlink Labs)

(Dimitri Karastelev/Unsplash, modified by CoinDesk)
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.
(Dimitri Karastelev/Unsplash, modified by CoinDesk)

Tesla has previously written down crypto holdings in accounting rules the industry says need an overhaul. (Justin Sullivan/Getty Images)
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.
Tesla has previously written down crypto holdings in accounting rules the industry says need an overhaul. (Justin Sullivan/Getty Images)

Senator Elizabeth Warren (Leigh Vogel/Getty Images)
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.
Senator Elizabeth Warren (Leigh Vogel/Getty Images)

(Krisanapong Detraphiphat/Getty Images)
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.
(Krisanapong Detraphiphat/Getty Images)

(Unsplash, modified by CoinDesk)
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.
(Unsplash, modified by CoinDesk)

Commissioner Christy Goldsmith Romero of the U.S. Commodity Futures Trading Commission (Jesse Hamilton/CoinDesk)
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.
Commissioner Christy Goldsmith Romero of the U.S. Commodity Futures Trading Commission (Jesse Hamilton/CoinDesk)

Former FTX Sam-Bankman-Fried (Danny Nelson/CoinDesk)
'A Complete Failure of Corporate Controls': What Investors and Accountants Missed in FTX’s Audits
An expert review of FTX’s audited financial statements reveals a series of red flag related-party transactions that should have led to more scrutiny of the company’s operations.
Former FTX Sam-Bankman-Fried (Danny Nelson/CoinDesk)