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Reference
Anderson, C. M., Fang, V. W., Moon, J. R., & Shipman, J. E. (2025). Accounting for Cryptocurrencies*. Journal of Accounting Research. https://doi.org/10.1111/1475-679x.70018
The supplement and replication package for this paper is forthcoming at https://www.chicagobooth.edu/jar-online-supplements and https://www.chicagobooth.edu/-/media/research/arc/docs/journal/online-supplements/afms-internet-appendix-20250731.pdf
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Welcome to Revise and Resubmit 🎙️—where ideas get sharper, sentences get stronger, and research meets the real world. Today we’re cracking open a prestigious FT50-listed gem from the Journal of Accounting Research 📚✨.
Today’s feature: “Accounting for Cryptocurrencies” 🪙 by Chelsea M. Anderson, Vivian W. Fang, James R. Moon, and Jonathan E. Shipman—published online on 15 September 2025, by John Wiley & Sons Ltd on behalf of The Chookaszian Accounting Research Center at the University of Chicago Booth School of Business. Big title. Bigger stakes. Because when firms hold crypto, the numbers don’t just sit there—they move, glow, and sometimes explode. 📈💥
From 2013 to 2022, corporate crypto holdings didn’t grow; they surged. They curved upward like a rocket 🚀. The accounting? All over the map. Then came ASU 2023-08. The rule says fair value. The market says liquid. The auditors—especially the Big 4—say be careful. Some firms treated crypto like investments, not intangible assets—right in step with the rule’s fair value model. But Big 4 guidance tilted many toward impairment and quieter, thinner presentation. Safer? Maybe. Clearer for decision-makers? Maybe not. 🧠🔍
Liquidity invites fair value. Detail follows liquidity. That’s neat. But then, a wrinkle: fair value reporting can crank up stock return volatility, with no strong evidence it cranks up earnings informativeness. Fast numbers. Loud numbers. But are they wiser numbers? 🤔
Before we dive deeper, tap follow on Revise and Resubmit on Spotify 🎧, and hit subscribe on our YouTube channel Weekend Researcher ▶️. You can also find the show on Amazon Prime and Apple Podcast 🍎—wherever you listen, we’re there. Turn on notifications 🔔, bring your curiosity, and let’s make sense of the signal and the noise.
Ready to explore how ASU 2023-08 reshapes crypto on the balance sheet—and will you join me in thanking Chelsea M. Anderson, Vivian W. Fang, James R. Moon, Jonathan E. Shipman, and John Wiley & Sons Ltd on behalf of The Chookaszian Accounting Research Center at Chicago Booth for this FT50-class contribution? 🧩❓
