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Category: Financial Reporting

  • [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    [SoDA] Bridging GAAP: A New Standard for Reporting On-Chain Assets

    Wei Xiang

    The ultimate goal of SoDA is to provide a lasting and transparent bridge between accurate GAAP reporting of digital assets and the details from multiple wallets, centralized exchanges, and other cryptographically-based ownership and/or custody arrangements. The first use case was delivering a full liquidity picture for managers of and investors in growth stage businesses with… Read more

  • [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    [cryptoworth] Is Revenue Gross or Net in Crypto Financial Statements?

    Wei Xiang

    VASPs face a critical decision: should revenue be recognized on a gross or net basis? This hinges on whether they act as principals or agents, following IFRS 15 guidelines. Accurate revenue reporting ensures compliance and reflects financial performance. Paypal Holdings is a payment service provider, listed as an entity in the United States. According to PayPal’s… Read more

  • ISCA Directory – MAS Payment Services Act

    ISCA Directory – MAS Payment Services Act

    Wei Xiang

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    https://eservices.isca.org.sg/apex/MasPaymentSvsAct MAS Payment Services Act With effect from 26 August 2024, new licence applicants intending to carry on digital payment token (“DPT”) services pursuant to the Payment Services Act 2019 (“PS Act”), as well as PS Act licensees that are applying to add DPT services would be required to submit an Independent External Auditor’s Assessment… Read more

  • [WEB3 ACCOUNTANT] Understanding Crypto Staking to Enhance Company Financials

    [WEB3 ACCOUNTANT] Understanding Crypto Staking to Enhance Company Financials

    Wei Xiang

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    📘 Crypto Staking 101: Staking is a way of earning rewards while holding onto certain cryptocurrencies similar to interest for bank balances or dividends for shares. Only cryptocurrencies that use the Proof of Stake (POS) model can be staked such as ETH, SOL, etc. 🌟 Benefits of Crypto Staking: Earn passive income and Investment Diversification ⚠️ Risks of… Read more

  • [The Accountant Quits] Accounting for OTC virtual currency exchanges

    [The Accountant Quits] Accounting for OTC virtual currency exchanges

    Wei Xiang

    https://www.theaccountantquits.com/articles/accounting-treatment-for-otc-brokers Read more

  • [Coincub] Coincub 2024 Virtual Currency Bank Report

    [Coincub] Coincub 2024 Virtual Currency Bank Report

    Wei Xiang

    Global leader in virtual currency banking.Comprehensive services to promote the development of virtual currency banking.With the changes in the regulatory environment, the application of stablecoins in financial institutions continues to grow.Integration of traditional banking, digital banking and virtual currency banking. Winston: “The banking channel is the lifeblood of cryptocurrency financial institutions. A lot of dry… Read more

  • [The Accountant Quits] Consolidation of Entities using Digital Assets

    [The Accountant Quits] Consolidation of Entities using Digital Assets

    Wei Xiang

    In the dynamic world of cryptocurrency, companies often establish holding companies in tax havens and operate across multiple jurisdictions. When it comes to preparing consolidated financial statements, particularly for the first time, the process can be daunting for companies with digital assets on their balance sheets. This article will help you understand consolidation and cover… Read more

  • 🎮 Ronin One is Built for Game Developers, Integrated with AEM Journaler

    🎮 Ronin One is Built for Game Developers, Integrated with AEM Journaler

    Wei Xiang

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    Ronin is an EVM (Ethereum Virtual Machine) blockchain, specifically forged for gaming. Launched by Sky Mavis, the creator of Web3’s breakout title, Axie Infinity, which has generated over $1.3B in revenue, Ronin is the only blockchain proven to scale a single game to accommodate millions of daily active users and has processed over $4B in… Read more

  • Web3 Accountant Global Crypto Tax Report 2024

    Web3 Accountant Global Crypto Tax Report 2024

    Wei Xiang

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    2024 has been a landmark year with Bitcoin reaching an all-time high (ATH), attracting increased scrutiny from tax regulators worldwide. Equipped with advanced technology and substantial budgets, regulators are now more educated and prepared than ever before. From Dubai, Singapore, Hong Kong and Malta having tax incentives with no capital gain tax to the increase… Read more

  • [WEB3 ACCOUNTANT] How do Public Listed Crypto Entities Account for Staking Revenue?

    [WEB3 ACCOUNTANT] How do Public Listed Crypto Entities Account for Staking Revenue?

    Wei Xiang

    Galaxy Digital Holdings LP is listed on the Toronto Stock Exchange (“TSX”) under the ticker “GLXY.” It is a technology-driven diversified financial services and investment management firm that provides institutions with a full suite of scaled financial solutions spanning the digital assets ecosystem. Accounting Policy: Revenue is measured at fair value of the digital asset at… Read more