Tech
A changing reporting landscape at the intersection of accounting and cryptocurrency
Cryptocurrency continues to reshape the financial landscape. As cryptocurrency moves from niche to mainstream, companies are grappling with how to account for these volatile digital assets. New research from Scheller College of Business accounting professor Robbie Moon, and his co-authors Chelsea M. Anderson, Vivian W. Fang, and Jonathan E. Shipman, sheds light on how U.S. public companies have navigated crypto holdings and accounting practices over the past decade.
ASU 2023-08, the Financial Accounting Standards Board’s (FASB) newly enacted rule, aims to bring clarity and consistency to crypto asset reporting with the mandate for fair value reporting. Moon’s research, which examined a comprehensive set of companies from 2013 to 2022, looks at the exponential rise in corporate crypto investments and the diverse, and often inconsistent, ways firms have reported them.
In “Accounting for Cryptocurrencies,” Moon and his co-authors work to better understand this pivotal point in financial reporting with research that dives into why firms hold crypto—whether for mining, payment acceptance, or investment—and how reporting practices have evolved to meet this current moment. The work is published in the Journal of Accounting Research.
Keep reading to learn more about Moon’s research and why it matters right now.
Why do companies hold cryptocurrencies, and how has this changed over time?
Companies hold cryptocurrency for three main reasons: they mine it, they accept it as payment, or they consider it an investment. Early on, most businesses kept crypto because customers used it to pay for goods and services. Around 2017, that trend declined, and more companies began mining crypto themselves. Today, mining accounts for about half of corporate crypto holdings, while payment acceptance and investment make up the rest.
What were the main challenges companies face when trying to report cryptocurrency holdings in their financial statements?
Until the end of 2023, there were no official rules on how companies should report cryptocurrency on their financial statements. Back in 2018, the Big Four accounting firms (Deloitte, PwC, EY, and KPMG) stepped in with guidance, suggesting that crypto be treated like intangible assets, similar to things like patents or trademarks. This is known as the impairment model.
What is the difference between the ‘fair value model’ and the ‘impairment model’ for accounting crypto assets, and why does it matter?
The two accounting methods differ in how they handle changes in crypto value. The fair value model updates the value of a company’s crypto to match current market prices every reporting period. If the price goes up or down, the change shows up on the company’s income statement as a gain or loss.
The impairment model only lets companies record losses when the value drops below what they paid. If the price goes up, they can’t record the increase.
The difference in the two approaches can best be seen when crypto prices rise. Under the impairment model, companies’ balance sheets understate the true value of the crypto since the gains cannot be recorded. The fair value model allows companies to adjust the balance sheet value of crypto as market prices change.
What factors led ASU 2023–08 to favor fair value reporting?
When the FASB was trying to decide if they should add crypto accounting to their standard setting agenda, they reached out to the public for feedback. The response was overwhelming and most practitioners and firms called for the use of the fair value model.
How do big accounting firms, like Deloitte or PwC, influence how companies report their crypto holdings?
When there aren’t official rules for complex issues like crypto accounting, the Big Four firms often step in to guide companies. In 2018, they recommended using the impairment model, which they viewed as most appropriate based on existing standards. After that, most companies switched from fair value reporting to the impairment approach.
Their guidance in 2018 was based on what was allowed under the standards at that time. With the new rule in place, the firms will likely help clients manage the transition.
Does using fair value accounting for crypto make a company’s stock price more volatile or its earnings reports more useful to investors?
The primary downside of using a fair value model for a risky asset like crypto is how volatility affects earnings. Moon’s research suggests that stock price volatility increases for firms using the fair value model, and it doesn’t appear the model makes earnings more useful for investors. That said, the results should be viewed cautiously because the study’s sample largely consisted of smaller companies.
Why does this research matter right now?
This research matters because more companies are investing in cryptocurrency. That trend is only expected to grow. This research looks at how businesses handled crypto before official rules came out in 2023, showing that many treated it like traditional investments. This provides a baseline against which future research can evaluate the new rule.
The research also warns that the fair value approach could make stock prices more volatile without necessarily making earnings reports more useful for investors.
More information:
Chelsea M. Anderson et al, Accounting for Cryptocurrencies*, Journal of Accounting Research (2025). DOI: 10.1111/1475-679x.70018
Citation:
A changing reporting landscape at the intersection of accounting and cryptocurrency (2025, November 17)
retrieved 17 November 2025
from https://techxplore.com/news/2025-11-landscape-intersection-accounting-cryptocurrency.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
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Tech
Looking for the Best Smart Scale? Step on Up
Other Smart Scales
Renpho MorphoScan for $150: The Renpho MorphoScan full-body scanner looks surprisingly similar to the Runstar FG2015, including a near-identical display attached to the handlebars. Well, spoiler alert, they are basically the same scale. They even use the same app to collect data (and you can even use both scales simultaneously with it). The only reason this scale isn’t our top pick for the category is that it’s $15 more expensive. You can rest assured that a price war is looming.
Arboleaf Body Fat Scale CS20W for $40: This affordable Bluetooth scale isn’t the most eye-catching I’ve tested, owing to its big, silver electrodes and an oversized display that comes across as a bit garish. While weight is easy to make out, the six additional statistics showcased are difficult to read, all displayed simultaneously. I like the Arboleaf app better than the scale, where five more metrics can be found in addition to the seven above, each featuring a helpful explanation when tapping on it. It’s a solid deal at this price, but the upsell to get an “intelligent interpretation report” for an extra $40 per year is probably safe to skip.
Hume Health Body Pod for $183: Hume Health’s Body Pod, another full-body scanner with handles, is heavily advertised—at least to the apps on my phone—and touted (by Hume) as the Next Big Thing in the world of body management. While the app is indeed glossy and inviting, I was shocked to discover how flimsy the hardware felt, that it lacked Wi-Fi, and that some features are locked behind a $100-a-year Hume Plus subscription plan. It works fine enough, but you can get results that are just as good with a cheaper device.
Garmin Index S2 for $191: Five years after its release, the Index S2 is still Garmin’s current model, a surprise for a company otherwise obsessed with fitness. It’s still noteworthy for its lovely color display, which walks you through its six body metrics (for up to 16 users) with each weigh-in. The display also provides your weight trend over time in graphical form and can even display the weather. The scale connects directly to Wi-Fi and Garmin’s cloud-based storage system, so you don’t need a phone nearby to track your progress, as with Bluetooth-only scales. A phone running the Garmin Connect app (Android, iOS) is handy, so you can keep track of everything over time. Unfortunately, as health apps go, Connect is a bit of a bear, so expect a learning curve—especially if you want to make changes to the way the scale works. You can turn its various LCD-screen widgets on or off in the app, but finding everything can be difficult due to the daunting scope of the Garmin ecosystem. The color screen is nice at first, but ultimately adds little to the package.
Omron BCM-500 for $92: With its large LCD panel, quartet of onboard buttons, and oversize silver electrodes, the Omron BCM-500 is an eye-catching masterwork of brutalist design. If your bathroom is decked out in concrete and wrought iron, this scale will fit right in. The Bluetooth unit syncs with Omron’s HeartAdvisor app (Android, iOS), but it provides all six of its body metrics directly on the scale, cycling through them with each weigh-in (for up to four users). It can be difficult to read the label for each of the data points, in part because the LCD isn’t backlit, but the app is somewhat easier to follow, offering front-page graphs of weight, skeletal muscle, and body fat. On the other hand, the presentation is rather clinical, and the app is surprisingly slow to sync. For a scale without a Wi-Fi connection, it’s rather expensive too.
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Tech
To Start Doing What You Want to Do, First Do Less
This applies not just to things you have to do, but also things you think you want to do. Maybe you think you should learn Spanish, but you haven’t done anything to actually learn Spanish. Admitting that you aren’t actually committed to the idea enough to do the work of learning Spanish can help close that loop. Letting go of that feeling that you should learn Spanish just might be the thing that frees up your mind enough that you decide to take up paddleboarding on a whim. The point is that the new year isn’t just a time for starting something new. It’s a time to let go of the things from that past that are no longer serving you.
In many ways this is the antidote to that ever-so-popular slogan “Just do it.” Just do it implies that you shouldn’t think about it, instead of deciding what you really want to do or should do. Maybe spend some time remembering why you wanted to do it in the first place, and if those reasons no longer resonate with you, just don’t do it.
If you like this idea, I highly recommend getting Allen’s book. It goes into much more detail on this idea and has some practical advice on letting go. You can still keep track of those things, in case you do decide, years from now, when you’re paddleboarding through the Sea of Cortez, that now you really do want to learn Spanish and are willing to do the work.
Remember to Live
I will confess, my enthusiasm for Getting Things Done has waned over the years. Not because the system doesn’t work, but because I have found my life more dramatically improved by doing less, not more. It’s not that I’ve stopped getting things done. It’s that I’ve found many of the things I felt like I should do were not really my idea; they were ideas I’d internalized from other places. I didn’t really want to do them, so I didn’t, then I felt guilty about it.
While everything I’ve written above remains good advice for starting a healthy habit and keeping it going, it’s worth spending some time and making sure you know why you want to do what you’re doing. I have been rereading Bertrand Russell’s In Praise of Idleness, and this line jumped out at me: “The modern man thinks that everything ought to be done for the sake of something else, and never for its own sake.”
Tech
Oh No! A Free Scale That Tells Me My Stress Levels and Body Fat
I will admit to being afraid of scales—the kind that weigh you, not the ones on a snake. And so my first reaction to the idea I’d be getting a free body-scanning scale with a Factor prepared meal kit subscription was something akin to “Oh no!”
It’s always bad or shameful news, I figured, and maybe nothing I don’t already know. Though, as it turned out, I was wrong on both points.
Factor is, of course, the prepared meal brand from meal kit giant HelloFresh, which I’ve tested while reviewing dozens of meal kits this past year. Think delivery TV dinners, but actually fresh and never frozen. Factor meals are meant to be microwaved, but I found when I reviewed Factor last year that the meals actually tasted much better if you air-fry them (ideally using a Ninja Crispi, the best reheating device I know).
Especially, Factor excels at the low-carb and protein-rich diet that has become equally fashionable among people who want to lose weight and people who like to lift it. Hence, this scale. Factor would like you to be able to track your progress in gaining muscle mass, losing fat, or both. And then presumably keep using Factor to make your fitness or wellness goals.
While your first week of Factor comes at a discount right now, regular-price meals will be $14 to $15 a serving, plus $11 shipping per box. That’s less than most restaurant delivery, but certainly more than if you were whipping up these meals yourself.
If you subscribe between now and the end of March, the third Factor meal box will come with a free Withings Body Comp scale, which generally retails north of $200. The Withings doesn’t just weigh you. It scans your proportions of fat and bone and muscle, and indirectly measures stress levels and the elasticity of your blood vessels. It is, in fact, WIRED’s favorite smart scale, something like a fitness watch for your feet.
Anyway, to get the deal, use the code CONWITHINGS on Factor’s website, or follow the promo code link below.
Is It My Body
The scale that comes with the Factor subscription is about as fancy as it gets: a $200 Body Comp scale from high-tech fitness monitoring company Withings. The scale uses bioelectrical impedance analysis and some other proprietary methods in order to measure not just your weight but your body fat percentage, your lean muscle mass, your visceral fat, and your bone and water mass, your pulse rate, and even the stiffness of your arteries.
To get all this information, all you really need to do is stand on the scale for a few minutes. The scale will recognize you based on your weight (you’ll need to be accurate in describing yourself when you set up your profile for this to work), and then cycle through a series of measurements before giving you a cheery weather report for the day.
Your electrodermal activity—the “skin response via sweat gland stimulation in your feet”—provides a gauge of stress, or at least excitation. The Withings also purports to measure your arterial age, or stiffness, via the velocity of your blood with each heartbeat. This sounds esoteric, but it has some scientific backing.
Note that many physicians caution against taking indirect measurements of body composition as gospel. Other physicians counter that previous “gold standard” measurements aren’t perfectly accurate, either. It’s a big ol’ debate. For myself, I tend to take smart-scale measurements as a convenient way to track progress, and also a good home indicator for when there’s a problem that may require attention from a physician.
And so of course, I was petrified. So much bad news to get all at once! I figured.
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