{"id":17141,"date":"2024-07-24T12:01:06","date_gmt":"2024-07-24T16:01:06","guid":{"rendered":"https:\/\/www.k2integrity.com\/?p=17141"},"modified":"2024-08-07T09:30:44","modified_gmt":"2024-08-07T13:30:44","slug":"jennifer-law-comments-on-adoption-of-new-fasb-guidance-for-digital-asset-reporting","status":"publish","type":"post","link":"https:\/\/www.k2integrity.com\/en\/newsroom\/mentions\/jennifer-law-comments-on-adoption-of-new-fasb-guidance-for-digital-asset-reporting\/","title":{"rendered":"Jennifer Law Comments on Adoption of New FASB Guidance for Digital Asset Reporting"},"content":{"rendered":"<p>In \u201cCrypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy\u201d (<em>Accounting &amp; Compliance Alert<\/em>, 23 July 2024), <a href=\"https:\/\/www.k2integrity.com\/en\/people\/professionals\/law-jennifer\/\">Jennifer Law<\/a> comments on the slow implementation of the latest accounting guidance designed to give a more accurate representation of a company\u2019s digital asset holdings. Jennifer highlights the importance of early adoption\u2014especially for investment firms and companies with significant cryptocurrency holdings\u2014but notes that timing is crucial: \u201cWhether or not companies implement it will depend on their individual circumstances. Some may not be ready due to a lack of infrastructure to handle the reporting.\u201d<\/p>\n<p>Jennifer also recommends that companies preparing for adoption create a new pro forma statement based on their current financial statements. \u201cIt makes sense to review their current financial statements, including previous disclosures, and then create a pro forma statement in Q3 to see what\u2019s involved and how it will impact their disclosures.\u201d<\/p>\n<p>Read the article in Reuters <a href=\"https:\/\/checkpoint.riag.com\/app\/login?lastCpReqId=1d4286&amp;lkn=loginAllParms&amp;server=18672&amp;tempId=AFCE0EAAC537C176A82F78CFF05AD59Dbfhal6813615.t.20240724-105933&amp;timeout=y\" target=\"_blank\" rel=\"noopener\"><em>Accounting &amp; Compliance Alert<\/em><\/a>. (Subscription may be required.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In \u201cCrypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy\u201d (Accounting &amp; Compliance Alert, 23 July 2024), Jennifer Law comments on the slow implementation of the latest accounting guidance designed to give a more accurate representation of a company\u2019s digital asset holdings. Jennifer highlights the importance of early adoption\u2014especially for investment firms [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-17141","post","type-post","status-publish","format-standard","hentry","category-mentions"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/posts\/17141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/comments?post=17141"}],"version-history":[{"count":0,"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/posts\/17141\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/media?parent=17141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/categories?post=17141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.k2integrity.com\/wp-json\/wp\/v2\/tags?post=17141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}