The SEC wags their finger at MicroStrategy, rejecting the firm's accounting practices.
that it used these methods of calculating figures for its BTC buys, excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.” Essentially, this negates some of the effects of the volatility of the crypto market.
GAAP rules are seemingly not designed for reporting the value of cryptocurrencies. However, MicroStrategy has, representing more than $4.7 billion in value across several buys totaling roughly $3.8 billion since August 2020. The company reported it used non-GAAP practices to exclude “cumulative impairment losses” from the cost, basing the value of its holdings on the market price of 1 BTC at 4:00 pm EST on the last day of each period.
MicroStrategy said, following a BTC purchase in July 2021, that it “believes that these non-GAAP financial measures are also useful to investors and analysts in comparing its performance across reporting periods on a consistent basis.” The SEC reportedly
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