SAB 121 Changes: Crypto Asset Reporting Guide
The Securities and Exchange Commission (SEC) has rescinded Statement of Accounting and Auditing Standards (SAB) 121, replacing it with SAB 122, significantly altering how public companies, auditors, regulators, and crypto platforms report crypto asset holdings. This guide provides a step-by-step approach to navigating this transition and ensuring compliance. For more on crypto risk, see information on crypto liquidation. Understanding the Shift from SAB 121 to SAB 122 SAB 121 required companies to report crypto assets held for users as both assets and liabilities, based on fluctuating market value....