Category: Financial Reporting

Crypto audits and proof of reserves reports are on the rise as the IRS increases oversight on cryptocurrency transactions. The lack of clear, universal guidelines, however, make it challenging for crypto companies to accurately value and report their crypto assets, adding to the complexity of compliance. To prepare your business for a crypto audit, be… Read more

As the year draws to a close, Web3 finance managers need to prepare for an intricate set of year-end tasks that balance traditional finance requirements with the unique aspects of decentralized finance. From managing crypto holdings and intercompany balances to ensuring compliance, Web3 finance teams face an array of challenges. Here’s a checklist of essential… Read more

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Most jurisdictions have reporting requirements for listed and other types of entities that include presenting financial statements that are prepared in accordance with a set of generally accepted accounting principles. IFRS Accounting Standards provide such a set of principles and are used extensively around the world. IFRS in your pocket is a comprehensive summary of… Read more

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Accounting for cryptocurrency has been a challenge. The discussion of accounting for holdings of cryptocurrencies under IFRS started from Dec 2016 and concluded with the release of an agenda decision by IFRS Interpretations Committee (IFRIC) in June 2019. ISCA released a Financial Reporting Guidance in March 2020 to further guide preparers of financial statements with… Read more

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

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