Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: codehash on January 22, 2022, 11:51:34 PM
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Business intelligence firm MicroStrategy reportedly acted contrary to the Securities and Exchange Commission’s accounting practices for its crypto purchases.
According to a Bloomberg report, a comment letter from the SEC released Thursday showed the regulatory body objected to MicroStrategy reporting information related to its Bitcoin (BTC) purchases based on non-GAAP, or Generally Accepted Accounting Principles. The business intelligence firm has been reporting it used these methods of calculating figures for its BTC buys excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets” — essentially, negating some of the effects of the volatility of the crypto market.
https://cointelegraph.com/news/sec-rejects-microstrategy-s-bitcoin-accounting-practices-report