#63: Crypto Technical Accounting (SAFT, Derivatives, Staking, Stablecoins) with Andrei Belonogov

Digital assets and their underlying blockchain technology are an evolving area, and as such accountants frequently face the daunting challenge of scrutinizing existing accounting standards to derive the most reasonable interpretation. Innovation outpaces the speed of accounting regulation, leaving standard-setting bodies like the FASB for US GAAP or the IASB for IFRS struggling to keep pace. Whilst the Wall Street Journal reported that 300,000 accountants quit their jobs between 2019 and 2021, There is an emerging class of accountants who have upskilled themselves to understand blockchain for accounting. On Episode 63, I spoke with Andrei Belonogov, the Managing Partner of TechAccountingPro, a company that provides accounting & US GAAP advisory services for digital assets. Andrei is not your typical accountant. His blog focused on deciphering the accounting treatment of digital assets under US GAAP was recognized in the top 100 accounting blogs by Feedspot. Topics covered; Episode intro (00:47) SAFT accounting (2:54) SAFT measurement with & without active market (5:08) Token development costs (6:05) Accounting for smart contracts (7:23) Receivables & embedded derivative (8:56) Staking rewards for delegators (12:33) Do sub-ledgers help with tracking staking income (15:14) Thanks to our sponsor Web3Finance Club (16:52) Classification between non-current & current assets (18:33) Accounting for stablecoins (21:49) Andrei’s story transitioning to web3 (25:24) Services offered by TechAccountingPro (27:40) The act of writing (29:48) Why should accountants learn blockchain (31:21) Should accountants learn how to code (34:10) How to reach out to Andrei (36:01) Follow The Accountant Quits: LinkedIN: linkedin.com/company/the-accountant-quits Twitter: twitter.com/accountantquits Follow Andrei Belonogov: LinkedIN: https://www.linkedin.com/in/andrewbelonogov/ Twitter: https://twitter.com/tech_accounting Review If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes. Website For show notes and past guests, please visit theaccountantquits.com/podcast/