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2022

22-2, SEC Issues Staff Accounting Bulletin on Accounting for Obligations to Safeguard Crypto-Assets (April 6, 2022)

Financial Reporting Alert 22-2
April 6, 2022
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SEC Issues Staff Accounting Bulletin on Accounting for Obligations to Safeguard Crypto-Assets

Footnotes

1
SEC Staff Accounting Bulletin Topic 5.FF, “Miscellaneous Accounting; Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Its Platform Users.”
2
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
3
IFRS 13, Fair Value Measurement.
4
IFRS 3, Business Combinations.
5
Crypto-assets, as defined in Question 1 of AICPA Practice Aid Accounting for and Auditing of Digital Assets, are accounted for as intangible assets. Note that SAB 121 refers to crypto-assets more broadly than the definition used in Question 1 of the AICPA Practice Aid. See the Scope Considerations section for additional discussion.
6
IAS 1, Presentation of Financial Statements.
7
See Questions 16–21 in the AICPA Practice Aid.
8
SEC Regulation S-K, Item 101, “Description of Business.”
9
SEC Regulation S-K, Item 105, “Risk Factors.”
10
SEC Regulation S-K, Item 303, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
11
SEC Regulation A, Rule 257(b), “Tier 2: Periodic and Current Reporting.”
12
SEC Staff Accounting Bulletin Topic 11.M (SAB 74), “Miscellaneous Disclosure; Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of the Registrant When Adopted in a Future Period.”
13
IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors.