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The most recent US GAAP updates, as of the current date (May 8, 2025)
, include changes to reference rate reform, debt with conversion options, supplier finance programs, fair value measurement of equity securities, long-duration contracts, and leases between common control entities. These changes are primarily reflected in Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB)
For mining companies, current accounting rules emphasize accurate reporting of mineral reserves and resources, and require separate presentation of crypto assets on the balance sheet. This includes disclosing fair value measurements, gains or losses, and specific disclosures related to crypto assets, as well as contractual restrictions.
Key Accounting Rules for Mining Assets:
1. Mining Property Disclosures:
The SEC has adopted rules to modernize mining property disclosures, requiring registrants with material mining operations to disclose information about mineral resources in addition to mineral reserves. This includes clarifying how individual properties are described, such as exploration, development, and production stages.
2. Crypto Asset Accounting:
ASU 2023-08 mandates that crypto assets be measured at fair value and reflected in net income each period, with separate reporting on the balance sheet. The standard also requires specific disclosures about crypto asset holdings, contractual restrictions, and valuation methods.
3. Depletion and Impairment:
Mining firms need to carefully assess the value of their mineral reserves and track depletion over time, accurately reflecting the diminishing value of these non-renewable resources. They must also perform impairment testing for mining assets.
4. Fair Value Accounting:
Under ASU 2023-08, assets within the scope of the project, including crypto assets, are now measured at fair value instead of cost-less-impairment. This means financial reports must reflect the current market value of assets like Bitcoin.
5. Disclosures:
The FASB requires clear presentation and disclosure of digital assets in financial statements, including valuation methods, market risks, and impairment testing. Additionally, detailed notes must be provided on digital asset transactions, including the nature, purpose, parties involved, and associated risks.
Specific Points for Crypto Assets in Mining:
Revenue Recognition:
.
Mining income, including transaction fees and block rewards, must be reported on the income statement.
Derivatives and Embedded Derivatives:
.
Complexities arise when contracts involving digital assets are evaluated for derivatives or embedded derivatives.
SEC View on Protocol Mining:
.
The SEC has stated that protocol mining activities do not need to be registered as they do not constitute an offer or sale of securities.
U.S. GAAP:
.
Under U.S. GAAP, crypto assets are treated as intangible assets with indefinite useful lives, and are valued at cost less impairment.
Auditing Considerations:
.
The PCAOB has put a proposal regarding auditing crypto assets on hold, but the new accounting rules are a step toward clarity for preparers, auditors, and investors.
New crypto accounting rules may spur early adoption
Jul 1, 2024 — For annual and interim reporting periods, ASU 2023-08 requires (including an entity subject to industry-specific guida...
Journal of Accountancy
FASB's New Guidance on Accounting for Crypto Assets - The CPA Journal
Dec 15, 2024 — ASU 2023-08 maintains the current classification of crypto assets as intangible assets, albeit replacing the impairmen...
The CPA Journal
Recent Updates Financial Reporting for Crypto Assets
Sep 12, 2024 — ASU 2023-08 Guidance and Effective Date ... Companies are now required to carry crypto assets at fair value, with chan...
Show all
Generative AI is experimental. For financial advice, consult a professional.
SEC Releases Statement Related to Proof-of-Work Mining ...
Still don't see a damned thing that helps the OTC
or corrects or closes out long term short positions
https://www.sec.gov/newsroom/press-releases
William777
https://www.dtcc.com/news/2025/april/02/dtcc-announces-new-platform-for-tokenized-real-time-collateral-management
How about the DTCC that clears everything I am still counting on them to catch the Loch Ness Monster however it simply wont work for anybody here that only has 20 pound test line in play.
Effective July 1, 2025, they will launch the OTCID Basic Market for companies that publish baseline information.
Keep Hope Alive....Hahahaa !!!!
Holy crap. People still posting on this stock scam!!!! Circa 2009 stock scam. I lost $1500 on this. Bought at $0.0004.
Your "sources" are what? Some crank on "YouTube"?
As far as Fort Knox
And gold there is also the gold in vaults under The World Trade Center and the vault door being unlocked and thermomite piled in there that is a big story that disappeared too
If it was true
They have been saying that before the year 2000 same old story same why JFK only change in story is there were 6 shooters instead of Oswald keep showing the same old story pretending it’s something new
Over and over and over
Looks like we about to go back to the gold standard if my sources are right I could be wrong and I could be right but time will tell I wasn’t born yesterday I born back when you used what you had tell you got what needed lot more hard work got to get back to work keeps your mind on your task at hand.
Looks like we about to go back to the gold standard if my sources are right I could be wrong and I could be right but time will tell I wasn’t born yesterday I born back when you used what you had tell you got what needed lot more hard work got to get back to work keeps your mind on your task at hand.
Brown there appears too still be a little package hidden under the Christmas tree
And maybe it’ is buried at Fort Knox
https://www.foxnews.com/politics/supreme-court-pauses-trump-effort-fire-head-whistleblower-protection-agency
1 hour left on the Christmas rally I think it can make it
Well now the stock is back where it is sopposed to be now if it moves back it’s not a fake move or trade it’s because it’s the stock market so I think the Christmas rally is a big possibility here I say we all got good news coming Merry Christmas And Happy New Year the money is coming
Problem is you're totally off topic on a dead stock board and don't know it.
The problem is there was nothing to back up the 1500 point gain we saw except for the election so stocks are coming back down to fair value and soon
The problem is there was nothing to back up the 1500 point gain we saw except for the election so stocks are coming back down to fair value and soon
The current national debt that we have now is unsubstainble it’s only going to get worse this will need to be addressed soon
Profit taking on gold today 100% but they putting it right back into the market smart move Election Day is close hard to say what will happen with these market definitely going to be a least 1ralley for sure
Profit taking on gold today 100% but they putting it right back into the market smart move Election Day is close hard to say what will happen with these market definitely going to be a least 1ralley for sure
Trillions of dollars with ll be added to the deficit no matter the winner it’s coming
If you were to refinance the 37triillion $baby boomers would triple the 84 trillion maybe qualtripe
If you were to refinance the 37triillion $baby boomers would triple the 84 trillion maybe qualtripe
If you were to refinance the 37triillion $baby boomers would triple the 84 trillion maybe qualtripe
If you were to refinance the 37triillion $baby boomers would triple the 84 trillion maybe qualtripe
like you me are shit out of luck we not ready for shit the the debt of the world keeps adding up
Found the answer to my question Baby boomers are the richest class of people we hold 84trillion dollars not me though I’m broke I’m a baby boomer with no money
If they stop issuing 100$ bills To the public what are they replacing it with because the older generation like me are not ready for bitcoin there not enough time to understand how it works and it’s a safety issue just going to throw out there anyway let the people figure it out United States not quite ready for this paper money is better it goes in your pocket bitcoin is something you can’t see
Need a answer to that question be waiting
Need a answer to that question be waiting
Someone please answer my big question is there enough money in the United States of America right now today to pay off 37trillion dollars in debt of this United States I want to start America over with no debt then we will can do some things big things all Americans
If this stock can’t make no money on gold at 3000 a once something wrong. Ceo needs to get on the ball time is slipping away. You got today you got tomorrow but you don’t have forever it’s either now or never make it happen
If this stock can’t make no money on gold at 3000 a once something wrong. Ceo needs to get on the ball time is slipping away. You got today you got tomorrow but you don’t have forever it’s either now or never make it happen
Gold is heading to 3000$ dollars a once could be before the end of this year or in to next not a question will it happen it’s going to happen we got problems coming soon to theater near you
Gold is heading to 3000$ dollars a once could be before the end of this year or in to next not a question will it happen it’s going to happen we got problems coming soon to theater near you
Brown I wonder if anybody found
some old worthless OTC certificates in King Tuts tomb from the old Kingdom hidden under the solid gold Mask
Strategic Minerals PLC
LON: SML
Used to be there subsidiary called molybdenum corp
It’s name was-
FORTRESS FINANCIAL GROUP, INC.
Name Title Pay Exercised Year Born
Mr. Michael G. Saner CEO & Director
I’m going to research this stock to see what subsidiaries it has or had
Gold is going up but this stock price not even moveing lol
I bought this stock 10years because they told gold was going to 10,000 a once 10years I figure bits coming true people are not no where near ready for what is about happen /bitcoin /electric cars /war/ inflation/shit like that / it ain’t but a handful of the people that got all the wealth so the rest like you me are shit out of luck we not ready for shit the the debt of the world keeps adding up
I bought this stock 10years because they told gold was going to 10,000 a once 10years I figure bits coming true people are not no where near ready for what is about happen /bitcoin /electric cars /war/ inflation/shit like that / it ain’t but a handful of the people that got all the wealth so the rest like you me are shit out of luck we not ready for shit the the debt of the world keeps adding up
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The Commission is providing a compliance date that is nine months after the effective date of the amended Rule, except for the compliance date for paragraph (b)(5)(i)(M) of the amended Rule. The compliance date for paragraph (b)(5)(i)(M) of the amended Rule is two years after the effective date of the amended Rule.[535]
After considering the comments received regarding the transition period for compliance with the amended Rule's provisions,[536] the Commission believes that these compliance dates will provide sufficient time for broker-dealers to prepare to comply with the amended Rule, including by creating or updating any necessary systems or internal measures, such as training modules, and to develop and update any necessary policies and procedures, as appropriate, to achieve compliance with the amended Rule. The Commission further believes that these compliance dates provide sufficient time for qualified IDQSs and registered national securities associations to implement technological or other changes that they determine to make in light of the amended Rule.
The Commission recognizes that there are market participants who are concerned about the loss of a quoted market for certain securities as a result of the amended Rule and that such market participants may wish to seek relief from the provisions of the amended Rule. The Commission encourages such persons to submit relief requests expeditiously during the nine-month transition period. The Commission notes, however, that it will consider relief requests at any time, including after the nine-month transition period.
On and after the nine-month transition period, broker-dealers that publish or submit quotations in a quotation medium, qualified IDQSs that make known to others certain broker-dealer quotations and make certain publicly available determinations, and registered national securities associations that make certain publicly available determinations would be required to comply with the amended Rule when they perform those activities. The Commission staff intends to offer assistance and support to covered entities during the transition period and thereafter, with the aim of helping to ensure that the investor protections and other benefits of the amended Rule are implemented in an efficient and effective manner.
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