What are the reporting requirements for digital asset companies under ASC 985?

3 answers

• Nov 24, 2021 · 3 years ago
  As an expert in the field, I can tell you that digital asset companies are required to follow specific reporting requirements under ASC 985. These requirements are designed to ensure transparency and accountability in the industry. Digital asset companies need to report various information, including financial statements, revenue recognition, and fair value measurements. They are also required to disclose any significant risks and uncertainties related to their operations. The reports need to be submitted to the appropriate regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States.
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• Nov 24, 2021 · 3 years ago
  Reporting requirements for digital asset companies under ASC 985 can be quite complex. Companies need to provide detailed financial statements, including balance sheets, income statements, and cash flow statements. They also need to disclose any significant accounting policies and estimates they have used. Additionally, they need to provide information about any related party transactions and any contingencies or commitments they have. These reports are important for investors and regulators to assess the financial health and performance of digital asset companies.
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• Nov 24, 2021 · 3 years ago
  Under ASC 985, digital asset companies are required to comply with specific reporting requirements. These requirements aim to provide transparency and ensure that investors have access to accurate and reliable information. Companies need to report their financial statements, including balance sheets, income statements, and cash flow statements. They also need to disclose any significant accounting policies and estimates they have used. These reports are typically submitted to regulatory bodies, such as the Securities and Exchange Commission (SEC), to ensure compliance with applicable regulations.
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