Coin Citadel (CCTL)

[HurricaneCat5]

Come on pits u have already been straightened out on this. How many times do u have to hear yourself being corrected.
Pits: "What I don't understand is how to report cryptocurrency on fins."
We know it's ok it's ok...

Hummingbird2 Tuesday, 01/05/21 11:08:02 AM
Re: Pitman33 post# 56374
How Cryptocurrencies Are Classified On Financials
According to the white paper issued by the AICPA, crypto assets can not be classified as “cash or cash equivalents” on GAAP financial statements because they are not backed by a sovereign government or considered legal tender. They cannot be classified as a financial instrument or a financial asset because they are not cash (see above why) and do not represent any contractual right to receive cash or another financial instrument. Additionally, since cryptocurrencies are intangible, they do not clearly meet the definition of inventory and cannot be labeled as inventory on the balance sheet either.

https://www.forbes.com/sites/shehanchandrasekera/2020/05/21/how-are-cryptocurrencies-classified-in-gaap-financials/?sh=7f56d7665b24
{h/t Hummingbird}