Exploring TaxBit's Crypto Accounting Insights with FASB and Deloitte

Explore the highlights from the exclusive Crypto Accounting Roundtable, a premier event hosted by TaxBit and PayPal. This gathering brought together a curated group of the industry’s top accounting and finance professionals across Crypto/Web3, FinTech, and TradFi industries. The captivating fireside presentation, led by Aaron Jacob (VP of Enterprise Accounting at TaxBit), Nick Cappiello (Supervising Project Manager at FASB), Tiffany Wyszkowski (Project Manager at FASB), and Amy Park (US Audit & Assurance Blockchain & Digital Assets Partner at Deloitte & Touche LLP), unveiled critical insights into the FASB Crypto Accounting guidelines set to take effect on December 15, 2023. Gain a strategic advantage by discovering what businesses need to know for seamless compliance with the latest industry guidance.

We have significantly upgraded the TaxBit Accounting Suite’s  reporting capabilities to support the latest Accounting Standards Update from the Financial Accounting Standards Board (FASB).

With the launch of the updated disclosure reporting, users of TaxBit Accounting Suite will have:

• Enhanced compliance with updated FASB Standards: Disclosures are now fully aligned with the latest FASB regulations, ensuring that users’ reporting is both current and compliant with upcoming industry standards for those looking to early adopt.

• Flexibility to select from a wide-range of calculations: With the most recent updates, users are able to run the full sequence of disclosures reports across all cost basis methodologies. This includes retroactive cost basis methodology, an accounting approach taken by high-volume trading customers and a market differentiator among digital asset subledger solutions. 

• End-to-end accounting support: Users will soon be able to further leverage these new disclosure reports by exporting or directly posting their FASB adjustments into their ERPs ensuring compliance with upcoming standards in downstream accounting flows. 

• Ability to report at scale: The new disclosure reports are fully compatible with an enterprise grade infrastructure that provides complex accounting support for [millions plus transaction volume] and multiple unique legal entities.

On September 6th, 2023, the Financial Accounting Standards Board (FASB), the  organization that sets authoritative accounting guidance for US GAAP, voted to move forward with updated crypto asset accounting rules to increase transparency for crypto asset activity. Companies can early adopt the guidance for their calendar 2023 year-end reporting once the final ASU is issued, which is anticipated around December 15, 2023. Companies need to understand everything required for updated accounting compliance from an accounting and reporting perspective.