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Author Topic: Standard accounting procedure  (Read 3024 times)
bitcoinbear
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October 04, 2012, 01:25:41 AM
 #21

Who of all the assets currently follows GAAP?

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reeses
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October 04, 2012, 01:39:38 AM
 #22

I haven't kept up with the IFRS changes to IAS 39 regarding fair value for non-currency financial instruments.  Anyone have expertise in this area as I suspect it's more universally applicable than GAAP since all the "exchanges" are not in the USA at this time.
jborkl (OP)
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October 04, 2012, 01:41:55 AM
 #23

None that I see.

I am not asking for gaap, because I don't think its realistic. It varies even from cpa to cpa and state to state to a slight degree.

Real world accounting and proof of work.

Let's start somewhere.

Income
Expenses
Proof of work
Seperate bank account (not so hard on bitcoin, takes like 1 second to make a wallet?)


reeses
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October 04, 2012, 01:59:51 AM
 #24

None that I see.

I am not asking for gaap, because I don't think its realistic. It varies even from cpa to cpa and state to state to a slight degree.

Real world accounting and proof of work.

Let's start somewhere.

Income
Expenses
Proof of work
Seperate bank account (not so hard on bitcoin, takes like 1 second to make a wallet?)



I'm less concerned about the native btc transactions than the recognition of value when btc must be converted to fiat for expenses.  "FIAT/GOX on date due" is not helpful, given that this forces the asset manager to accept the risk of valuation fluctuation and unrealized gains and losses since GOXUSD or whatever does not transfer immediately.
smickles
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October 04, 2012, 02:16:35 AM
 #25

Who of all the assets currently follows GAAP?
Although I am not a CPA, I believe I have followed GAAP for GLBSE:MPOE.ETF and GLBSE:SS
Note however that MPOE.ETF is now winding down.

reeses
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October 04, 2012, 02:44:13 AM
 #26

Who of all the assets currently follows GAAP?
Although I am not a CPA, I believe I have followed GAAP for GLBSE:MPOE.ETF and GLBSE:SS
Note however that MPOE.ETF is now winding down.

You're also one of the people about whom no one is worried. :-)  (Correlation?)
bitcoinbear
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October 04, 2012, 02:57:26 AM
 #27

Who of all the assets currently follows GAAP?
Although I am not a CPA, I believe I have followed GAAP for GLBSE:MPOE.ETF and GLBSE:SS
Note however that MPOE.ETF is now winding down.

And all the other asset operators could learn much by looking at the way you present your reports.

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kjj
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October 04, 2012, 06:26:51 AM
 #28

No need to reinvent the wheel here people.  Use GAAP.  It exists for a reason, and there's no reason it doesn't apply to business conducted using Bitcoins vs business conducted using other financial instruments.

The only item in your list that GAAP doesn't apply to is #2.  And to that, I really don't even understand what you are requesting.  Company funds are not to be mixed?  Mixed with what?  Why?

In the real world, mixing personal and corporate funds is called commingling.  It lands you in prison, typically.
If that's what he meant, then I agree, unless the person is on the sole-propriety level of business.  If they are actually incorporated, then yes, the funds absolutely need to be kept separately.  If they are a sole-proprietor or equivalent, they can mix their funds between business and personal.

Sole proprietor means that one person is doing it himself, there is no other entity to mix funds with.  There is no distinction between personal funds and company funds, because the person and the company are the same.

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October 04, 2012, 06:29:41 AM
 #29

Also, I very, very, very highly recommend that people stop referring to their fundraising efforts as "stocks", "shares", "bonds", etc.  If you are in the US and a judge decides that they really are stocks or bonds, you'll probably get fucked for violating SEC regulations.  And if the judge decides that they are not securities, you'll probably get fucked by the FTC for fraud.  Replace with other government agencies in other countries, of course.

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EskimoBob
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October 04, 2012, 02:21:50 PM
 #30

NO.

We should be using GAAP or IAS.

Coming up with our own standards will undoubtedly lead to confusion, scamming, and any number of other bad things.

+10

jborkl, thank you for starting this thread. Smiley
 
Representatives of different exchanges, we need to get you on board  here because the exchange is the only source of real trading activities etc. for managed funds/portfolios etc.


 

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October 04, 2012, 03:46:24 PM
 #31

The best type of accounting is easy accounting.

The best type of account is accurate, not easy accounting  Wink

NO.

We should be using GAAP or IAS.

Coming up with our own standards will undoubtedly lead to confusion, scamming, and any number of other bad things.

Couldn't have said it better myself.

If you're new to account, take a look at these example financial sheets to get an idea of what it might look like. Organization is absolutely key in your statements.

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