Reeve: The Miracle Tool Of Cardano That Aims To Put An End To Accounting Errors… And Many Other Things Cointribune
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Cardano Launches Blockchain Accounting Tool: Will ADA Falling Wedge Trigger 120% Price Rally? Coinspeaker
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As per the latest development, the US regulators are working on improved accounting standards for Bitcoin (BTC) in order to effectively capture the rises and dips. The long-awaited accounting rules for Bitcoin and other cryptocurrencies are due in the US.
The new regulations shall come by the end of the year. They will mandate that companies holding or investing in cryptocurrency must disclose their holdings at fair value. This valuation method reflects the most current asset value, including potential rebounds in value following price declines.
Although these forthcoming standards are expected to introduce greater volatility into the financial reports of crypto-intensive companies, they represent an improvement over the existing practices, according to feedback received by the Financial Accounting Standards Board (FASB) from companies and accounting professionals over several months.
FASB stated that the rules will go into effect as soon as 2025, however, the companies still have the option to apply for them early. Speaking to Bloomberg, Jeff Rundlet, head of accounting strategy at accounting software company Cryptio said:
“It’s a great step forward for the entire crypto market. I think it’s a great step toward mainstream adoption. I can see finalizing this proposal to help large corporations that are maybe scared to hold crypto on their balance sheet because they’re scared of the technical complexities.”
Long Road to Bitcoin Accounting, Says FASB
FASB had previously declined three separate requests dating back to 2017 to establish regulations for cryptocurrencies, citing the limited material use of Bitcoin by companies. However, their stance evolved with significant investments in blockchain-traded assets by major corporations like Tesla and MicroStrategy.
The board’s scope remained limited, focusing on assets generated or residing on distributed ledgers utilizing blockchain technology, secured through cryptographic methods. These crypto assets must presently fall under the classification of intangible assets per US accounting standards and must be fungible, allowing interchangeability with assets of the same type.
Notably, the regulations do not encompass non-fungible tokens (NFTs), which are unique digital tokens representing various items, or stablecoins and wrapped tokens, which enable the use of crypto across different blockchains.
Despite pleas from several entities, including the Big Four accounting firms, to include wrapped tokens, FASB chose to exclude them from the final framework, asserting that they serve similar purposes and trade at prices akin to their underlying crypto assets.
On Wednesday, a majority of the FASB board members stated that they would need more information about the market. The members said that they would continue to monitor the crypto market and take action wherever necessary.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Management Accounting Financial Statements-dogecoin price … Asia Insurance Review
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Cardano combines Bitcoin’s UTXO with the EUTXO accounting … Crypto News Flash
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Top 100 accounting firm Wolf & Company now accepts Bitcoin, Shiba Inu and Dogecoin as payments
Shiba Inu, Bitcoin, Dogecoin and other cryptocurrencies are now accepted as payment by Boston-based accounting firm Wolf & Company.
The top 100 accounting firm, which dates back more than a century, announced on its official website that it would be accepting cryptocurrencies via crypto payments processor Bitpay.
Aside from Shiba Inu, Bitcoin and Dogecoin, BitPay also supports other cryptocurrencies like Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC) and five USD-pegged stable coins (BUSD, DAI, GUSD, USDC and USDP).
Hey @ShibainuCoin holders, $SHIB is now listed on XcelTrip.
Use $SHIB to book your holidays on https://t.co/ksvq9LMQOf.
2.3 million hotels
450+ airlines
Download the #XcelTrip app & book your next #holiday.
https://t.co/Whr3pj6Hxm #ShibaInu #newlisting pic.twitter.com/k5LFcTrISy
— XcelTrip-Travel With Crypto (@xceltrip) May 25, 2022
Shiba Inu continues to gain popularity and is now accepted by a growing number of businesses. Shibainuart reported that Shiba Inu has been added to XcelTrip, allowing SHIB to be used to book vacations, over 2.3 million hotels and over 450 airlines.
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Shiba Inu team sees new additions
Shiba has also added a new addition to its team in the person of Sherri Cuono, who joins Shiba Inu Metaverse’s team as an advisor. Sherri Cuono has worked on various projects in gaming, entertainment, healthcare and enterprise.
For Immediate Release: #ShibArmy, We proudly welcome Sherri Cuono to the Metaverse team.
Visit https://t.co/w29zPzRr4M to get started on SHIB – The Metaverse
Learn more..https://t.co/YBqv0l8055
— Shib (@Shibtoken) May 25, 2022
Earlier in the week, Shiba Inu announced that entertainment veteran Marcie Jastrow, who has served as senior vice president at Franco-American multinational corporation Technicolor, was joining the Shiba Inu Metaverse team. The former Technicolor executive will be primarily responsible for securing brand partnerships.
Shiba Inu declined by nearly 10% on May 26 as the crypto market sell-off escalated early Thursday, with Ethereum (ETH) and other alternative cryptocurrencies (altcoins) taking more damage than Bitcoin (BTC). Shiba Inu was trading at $0.0000104 at press time. Despite the price slump, Shiba Inu holders continue to grow at 1,170,137, suggesting investors’ long-term faith in the asset.
The U.S. Securities and Exchange Commission (SEC) is adding more fuel to the already widespread fire in the broader cryptocurrency market. On Friday, January 21, the SEC rejected MicroStrategy’s Bitcoin accounting standards noting that the company cannot strip out Bitcoin’s wild swings from its unofficial accounting standards.
The news comes just as Bitcoin corrected 7% for the second consecutive day eroding more than $100 billion of investors’ wealth. The BTC correction comes amid a broader sell-off taking place on Satoshi Street as well as the equity market.
Enterprise software maker MicroStrategy started buying Bitcoin in September 2020. Since then, the company’s founder Michael Saylor has been aggressively adding Bitcoin to MicroStrategy’s balance sheet. As of date, MicroStrategy is holding a total of 124,391 BTC with its recent purchase last month.
Following the SEC’s statement, the MicroStrategy (NASDAQ: MSTR) tanked a straight 18% on Friday and closed at $375. The MSTR is showing an additional 3.5% drop in the after hours market trading.
SEC Objects MicroStrategy’s Non-GAAP Reporting Measures
But in its Form 10-Q, MicroStrategy uses non-GAAP measures for the quarter ending September 30, 2021. This shows its investors what their income would have been if the company didn’t have to impair its Bitcoin purchases, which is largely volatile.
The U.S. SEC has objected to this as per its comment letter released this Thursday, says Bloomberg. The publication further adds:
U.S. generally accepted accounting principles, or GAAP, offer no rules for reporting the value of digital assets. Nonbinding guidance from the American Institute of CPAs says companies should classify the currency as an intangible asset, as outlined in ASC 350.
This means businesses that don’t qualify as investment firms would record cryptocurrency at historical cost and then only adjust it if the value declines. Once their holdings get written down, or impaired, companies can’t revise the value back up if the price recovers.
Now, with a highly volatile asset class like Bitcoin comes a problem. On the books, the value can only be recorded as shrinking but not growing. Now with massive BTC holdings by MicroStrategy, any downward swing in the Bitcoin price can adversely affect the company’s bottom line.
During Q3 2021, MicroStrategy reported a net loss of $36.1 million. However, with the impairment of its Bitcoin holdings, the company’s unofficial, or non-GAAP income flipped to $18.6 million. But MicroStrategy believes that if the company shows a decline in BTC value, it would lead to an “incomplete assessment” of its BTC holdings.
The enterprise software maker said that it would be “less meaningful to management or investors”. the company further wrote:
“We further believe that the inclusion of bitcoin non-cash impairment losses may otherwise distract from our investors’ analysis of the operating results of our enterprise software analytics business”.
However, the SEC has disagreed and completely objected to this nature of reporting. The SEC has asked MicroStrategy to get rid of its current non-GAAP reporting measures from future filings. MicroStrategy has agreed to comply with this.
MicroStrategy Is Not Selling Its $5 Billion Bitcoin Stash
As heavy correction continues in the crypto space, Bitcoin is now down more than 40% from its all-time high levels of $69,000. However, MicroStrategy’s Michael Saylor said that the company isn’t selling anything from its $5 Billion worth of BTC holdings. Speaking to Bloomberg this Thursday, Saylor said:
“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin, right? That’s our strategy.”
He further added that he isn’t worried about the recent market correction in crypto. On his Twitter, Saylor adds: “If you are going to invest in #bitcoin, a short time horizon is four years, a mid time horizon is ten years, & the right time horizon is forever”.
Looking at MicroStrategy’s aggressive Bitcoin purchases, we can expect them to buy the current Bitcoin dip.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Verady, which makes Ledgible, a platform to monitor and report on cryptocurrency investments, has created a native integration with Doge to make it easier to work with clients who invest in Dogecoin.
Dogecoin was launched as a joke by software engineers Billy Markus and Jackson Palmer, who wanted to highlight the wildly volatile nature of cryptocurrencies. But investments from the likes of Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons catapulted Dogecoin into becoming one of the most popular cryptocurrencies on the market.
“For those who move Doge between wallets and exchanges to trade, sell or buy, tracking and accounting for all those transactions can be overwhelming,” Kell Canty, CEO of Verady, the company that owns Ledgible, said in a statement. “Our Ledgible solution gathers all that data for Doge natively, creates monthly accounting statements, identifies taxable transactions and calculates the gain/loss.”
Today, Dogecoin has a market cap approaching $60 billion and is among the top 10 cryptocurrencies. As Dogecoin continues to grow, Ledgible can manage all the transactions made using Dogecoin, or any supported action of the Doge blockchain. Ledgible tracks on-chain Doge blockchain transactions. Dogecoin holders can store Doge in an on-chain wallet and directly import all transactions via an API connection rather than needing to upload the transactions to Ledgible or enter them manually.
One of the biggest challenges for cryptocurrency holders is to account, track and manage all the crypto data across multiple wallets and exchanges as well as all transactions to calculate gains or losses and income, especially now that the IRS is taxing this activity. Holders do not receive monthly statements and on-chain wallets are not designed to provide monthly accounting statements or tax reporting. The complexity of transferring crypto and complex transaction history can lead to many reporting difficulties. Ledgible supports a wide range of integrations across major blockchains, cryptocurrency exchanges and accounting platforms.
ATLANTA, Oct. 5, 2021 /PRNewswire/ — Ledgible, the leading platform for tax and accounting of crypto assets, announced today native integration with Doge making it easy for those holding, selling, trading, and making purchases with Doge to generate accounting reports and plan for taxes. As one of the most popular cryptocurrencies, Doge is growing rapidly because of major investors and celebrity endorsements from Elon Musk, Mark Cuban, Snoop Dogg and Gene Simmons. Dallas Mavericks owner, Mark Cuban shared that Dogecoin is the strongest cryptocurrency as a medium of exchange.
“For those who move Doge between wallets and exchanges to trade, sell or buy, tracking and accounting for all those transactions can be overwhelming,” said Kell Canty, CEO of Verady. “Our Ledgible solution gathers all that data for Doge natively, creates monthly accounting statements, identifies taxable transactions and calculates the gain/loss.”
Dogecoin began as a meme, but today is a very large asset with a market cap approaching $60 billion and in the top 10 cryptocurrencies. As Dogecoin continues to grow, Ledgible can manage all the transactions made using Dogecoin, or any supported action of the Doge blockchain. Ledgible fully tracks on-chain Doge blockchain transactions. Dogecoin holders can store Doge in an on-chain wallet and directly import all transactions via an API connection rather than needing to be uploaded to Ledgible or entered manually.
BitPay, a leading blockchain payment provider, tracks cryptocurrency usage by coin (https://bitpay.com/stats) and found when Doge became available it jumped to almost 8% of monthly transactions.
One of the biggest challenges for cryptocurrency holders is to account, track, and manage all the crypto data across multiple wallets and exchanges as well as all transactions to calculate gains/losses and income. Holders do not receive monthly statements on-chain wallets are not designed to provide monthly accounting statements or tax reporting. The complexity of transferring crypto and complex transaction history, leads to many reporting difficulties. Ledgible supports a wide range of integrations across major blockchains, cryptocurrency exchanges, and accounting platforms.
About Ledgible
Ledgible by Verady provides AICPA SOC assured tax reporting and portfolio tracking for crypto assets. The Ledgible platform is the proven crypto asset solution for professionals with leading accounting firms and major crypto companies globally. Ledgible Tax Pro is used by hundreds of firms to make tax reporting easy for their professionals and clients. For more information, visit ledgible.io.
Contact:
Jan Jahosky
[email protected]
407.331.4699
SOURCE Ledgible
The world’s largest accounting firm Ernst & Young has partnered with Ethereum Layer-2 scalability protocol Polygon (formerly known as Matic) to integrate the protocol into their flagship blockchain products and services. The firm would use the Polygon to deploy its own blockchain products on the Ethereum mainnet.
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The firm has connected Polygon protocol to the EY OpsChain and EY Blockchain Analyzer. This would allow EY clients to integrate Polygon into their business with a simple configuration. EY is also working with the Polygon team to create industry-level private chains that can be used for making seamless transactions.
Paul Brody, EY Global Blockchain Leader said,
“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.”
Over the past couple of years, the Ethereum blockchain ecosystem has spread massively with the likes of Defi and now NFT all working on top of it. This, in turn, brings down the scalability of the mainnet and it has become costlier to use. This is where the layer-2 solutions such as Polygon has come as savior, making it easier for new protocols and services to use the functionality of Ethereum at a lower cost and faster transaction time.
Polygon is Leading the L-2 Adoption Race
Polygon has emerged as one of the top choices for enterprises looking for a scalable blockchain solution as the protocol has partnered with hundreds of companies with millions of users. Apart from Polygon, several other L2 protocols have seen a great surge in demand over the past couple of months, as the EIP-1559 upgrade didn’t fully resolve the rising gas fee problem.
The total value locked in Ethereum L2 protocols has breached $3 billion after touching the $1 billion marks just last week. Recently, Ethereum co-founder Vitalik Buterin was seen advocating for moving NFTs to L2 to ease up the pressure on the mainnet.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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