Accounting

The U.S. standard-setting organization for accounting has moved to insist companies use “fair-value” accounting to report their crypto holdings.

By Jesse Hamilton

Sep 6, 2023 at 6:40 p.m. UTC

Sep 6, 2023

RegulationsAccountingFASBRulemaking

Seoul at dusk with Lotte Tower and mountains in background

Policy

Regulations

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.

By Lavender Au

Jul 12, 2023 at 7:27 a.m. UTC

Jul 12, 2023

RegulationsSouth KoreaAccounting

Chainlink Founder Sergey Nazarov. (Chainlink Labs)

Technology

Analysis

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.

By Sam Kessler

Jul 5, 2023 at 3:33 p.m. UTC

Jul 5, 2023

AnalysisChainlinkProof-of-ReservesAccountingMerkle Science

(Dimitri Karastelev/Unsplash, modified by CoinDesk)

Consensus Magazine

Opinion

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.

By Kirk Phillips

Apr 13, 2023 at 4:59 p.m. UTC

Apr 13, 2023

OpiniontaxesCrypto TaxesAccountingIRSUS

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

Policy

Regulations

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.

By Jesse Hamilton

Mar 24, 2023 at 4:21 p.m. UTC

Mar 24, 2023

RegulationsAccountingFASBStandardsdisclosures

Senator Elizabeth Warren (Leigh Vogel/Getty Images)

Policy

Regulations

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.

By Jesse Hamilton

Mar 21, 2023 at 9:45 p.m. UTC

Mar 21, 2023

RegulationsAuditingU.S.AuditsAccountingElizabeth WarrenRon Wyden

Policy

Regulations

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.

By Jesse Hamilton

Mar 8, 2023 at 11:25 p.m. UTC

Mar 8, 2023

RegulationsAuditingProof-of-ReservesAccountingU.S.

Technology

Accounting

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.

By Bradley Keoun

Mar 1, 2023 at 1:53 p.m. UTC

Mar 1, 2023

AccountingExclusive FTXFTX CollapseKrakenCoinSharesTrueUSD

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

Policy

Regulations

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.

By Jesse Hamilton

Jan 18, 2023 at 9:00 p.m. UTC

Jan 18, 2023

RegulationsFTXFTX CollapseCrypto WinterLegalAccountingCFTC

Former FTX Sam-Bankman-Fried (Danny Nelson/CoinDesk)

Layer 2

Ftx

'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.

By Francine McKenna

Nov 18, 2022 at 2:12 p.m. UTC

Nov 18, 2022

FTXAccountingOpinionSam Bankman-FriedAuditing