SEC Tackles New Behind-the-Scenes Crypto Accounting Questions

US Securities and Exchange Commission accountants continue to tackle behind-the-scenes questions about how companies account for cryptocurrencies, and not just about recently-issued guidance on how companies report obligations to safeguard customer crypto, a senior SEC staff accountant said Thursday.

The issues involve questions about whether crypto assets should be recognized on company balance sheets, how to record revenue from certain transactions, and issues related to crypto mining and staking arrangements, “just to name a few,” said Jonathan Wiggins, senior associate chief accountant at the SEC’s Office of the Chief Accountant, at a meeting of the Financial Accounting Standards Board’s main ...