On Aug 24 2023, Elven hosted a professional panel of crypto accounting and financial reporting at its office in One Raffles Place, Singapore. Five crypto financial professionals attended the panel and gave their thoughts and insights.
At the beginning, Junxiu Guo, the CEO of Elven, shared the goal of the panel. He aims to build a place for professionals to have in-depth discussions of crypto financials and gather experts from different backgrounds to share and learn from each other.
Then Junxiu Guo gave the audience an introduction to the proposed accounting standard update of crypto assets from FASB (Financial Accounting Standards Board) and Elven's function desinged for the new standard.
After the introduction, experts from different backgrounds gave their comments and insights of related questions:
Chetan Hans, the Partner of CFO Services at Grant Thornton, talked about the difference between US GAAP and IFRS, he mentioned the progress made by the FASB and the practices in accounting firm on crypto assets. Also, he mentioned the challenges of fair value measurement of less liquidated crypto assets.
Lilian Teo, the CFO at Blockchain Space, shared her experience as CFOs in different sectors including manufacturing, fin-tech and blockchain. She emphasized financial practice is composed by accounting part and business part, for players in crypto accounting should keep both parts.
Jeffrey Li, the Business Partner at Berru, mentioned his experience at Coinhako (the biggest Crypto Exchange in Singapore) and right now at Berru. He thought one of the challenges for practitioners in crypto accounting was to manage the large volume of on-chain transactions with the current tools such as Excel or Xero, and new tools and platform are needed for accoutants and CFOs.
Ivan Hong, the Content Lead at Request Finance, talked about his idea of the relationship between traditional accounting tools and crypto-native accounting tools. He observed that currently most crypto-native tools are used as a sub-ledger of traditional tools. And he thought as the crypto ecosystem grows, more and more native tools will be adopted by accounting practitioners.
In the end, Junxiu Guo talked about the future plans of Elven's professional panel session. It will be hosted every month and the topics will be decided by future panelists. The next panel's topic will be "Best practices of crypto projects to manage their entity and fiat/crypto accounts"
After the panel, audience from family offices, audit firms, law firms and crypto projects enjoyed the break and shared their ideas.
Elven (www.elven.com) is a professional financial management software for digital assets. We provide solutions including one-stop bookkeeping, financial auditing and on-chain asset proof of reserve for crypto-native projects, accounting firms, centralized exchanges and DAOs. We are missioned to make on-chain financials clear and worry-free.