Thank you! Are asking about prepayments? If so, I would assume that it depends on the timing of receipt (before or after contract inception date). Also, this material now is slightly outdated after the new accounting standard for crypto, but it still may be helpful in situations when you deal with crypto outside of the scope of FASB ASC 350-60 (e.g. wrapped ETH, BTC on lighting or RSK, etc.). [Disclaimer: This is not a professional advice, only my views, etc.]
Good stuff! This is from the assumption that the revenue has been earned? (i.e., the entity has recognized a contract asset or receivable) and the crypto has a FMV. In situations in which you have not earned the revenue, I would think that the entity would not recognize changes in the fluctuations of the crypto (the consideration in a contract with the customer) until revenue is earned. I would think that there would be no accounting until the revenue is earned. Is this the right way of thinking?
Thank you! Are asking about prepayments? If so, I would assume that it depends on the timing of receipt (before or after contract inception date). Also, this material now is slightly outdated after the new accounting standard for crypto, but it still may be helpful in situations when you deal with crypto outside of the scope of FASB ASC 350-60 (e.g. wrapped ETH, BTC on lighting or RSK, etc.). [Disclaimer: This is not a professional advice, only my views, etc.]
Good stuff! This is from the assumption that the revenue has been earned? (i.e., the entity has recognized a contract asset or receivable) and the crypto has a FMV. In situations in which you have not earned the revenue, I would think that the entity would not recognize changes in the fluctuations of the crypto (the consideration in a contract with the customer) until revenue is earned. I would think that there would be no accounting until the revenue is earned. Is this the right way of thinking?