30 Jan 2025
📊SEC Rescinds Guidance on Crypto-Assets - SAB 122 Insights
Staff Accounting Bulletin No. 122
Summary
This staff accounting bulletin ("SAB") rescinds the interpretive guidance included in Section FF of Topic 5 in the Staff Accounting Bulletin Series entitled Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users ("Topic 5.FF").
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The regulation rescinds prior guidance affecting accounting treatment for crypto-assets, compelling businesses to reassess liability recognition and measurement for obligations. This change necessitates a revised approach to financial reporting, impacting compliance and financial statement preparation.