Accounting


Policy

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 (Jesse Hamilton/CoinDesk)

Layer 2

'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.

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

Finance

Meet the Metaverse Nightclub–Loving Audit Firm That Presided Over FTX’s Financials

FTX auditor Prager Metis reported the company earned $1 billion in revenue in 2021. An investigation by CoinDesk reveals Prager Metis also operates in Decentraland, where it sponsors the “Decentraland Babydolls.”

FTX Trading LLC auditor Prager Metis hosted a metaverse office launch party at Dencentraland coordinates (19, 144) in October. (Prager Metis)

Policy

US Accounting Standards Board Member Supports Reporting Crypto Swings as Income: Bloomberg

If adopted, the move would mean cryptocurrency gains and losses would directly impact companies’ earnings.

Old fashioned ledger (Getty Images)

Finance

FASB Mulls Fair-Value Accounting for Crypto Holdings: Report

Fair-value accounting for crypto will encourage companies to put bitcoin on their balance sheet, according to Michael Saylor.

FASB described which crypto assets would be included in a forthcoming accounting rule. (Getty Images)

Finance

Real-Time Accounting Platform Integral Raises $8.5M in First Round of Funding

Investors included some notable names from the crypto industry, such as figures from Coinbase, Anchorage and Dapper Labs.

FASB described which crypto assets would be included in a forthcoming accounting rule. (Getty Images)

Policy

SEC's Crypto Guidance Pushes US Banks to Rethink Custody Projects: Report

The regulator suggests that customers' crypto assets should be treated as liabilities by lenders, which could be "prohibitively costly" for banks.

Comisión de Bolsa y Valores de Estados Unidos. (Jesse Hamilton/CoinDesk)

Policy

FASB Crypto Accounting Review Won’t Include NFTs, Certain Stablecoins: Report

The accounting standards body outlined its criteria for crypto assets that would be covered by a forthcoming rule regarding companies and their digital assets.

FASB described which crypto assets would be included in a forthcoming accounting rule. (Getty Images)

Finance

Credit Suisse Held $31M in ‘Digital Assets’ for Clients Last Quarter

The Swiss bank disclosed its custody of what are more likely tokenized securities than cryptocurrencies in keeping with SEC accounting guidance.

Credit Suisse is the latest banking giant to flirt with crypto. (Cayambe/Wikimedia Commons)

Finance

Accounting Rules Make the Outcome of Tesla’s Bitcoin Sale Unclear

After the car maker sold 75% of its bitcoin, Twitter piled on the company for losing money on the sale even though it didn’t.

(Wikimedia Commons)

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