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What are the trends we can expect to see in litigation this year? Keith Oliver, Head of International at Peters & Peters shares his thoughts in our horizon scanning white paper ‘2024: What Lies Ahead’, commenting: "I see an increasing focus on ESG and shareholder disputes / litigation, combined with an explosion of fraud claims flowing from cryptocurrency losses and AI scams." For our white paper we interviewed legal sector leaders across the world to ask what they think the biggest threats to the sector in 2024 and beyond will be. Get your copy of the report ➡️ https://lnkd.in/e3PFEwZJ #WhatLiesAhead2024 #litigation #disputeresolution

Stay ahead of the curve with the latest insights into digital asset information reporting. New regulations now require brokers to report the sales and exchanges of digital assets starting in 2025, with cost-basis reporting mandated in 2026. These changes present significant challenges for both cryptocurrency exchanges and traditional financial institutions, necessitating a thorough review of existing processes and technology. To help navigate these complexities, join EY for an insightful webcast discussion on the new regulatory requirements and their implementation. Moderated by Thomas Shea, Principal and Financial Services Crypto Tax Leader at EY, this session covers critical topics including the effective date, definitions of “broker” and “digital asset,” due diligence requirements, information reporting, basis reporting rules, and operational considerations. Transitional rules in Notices 2024-56 and 2024-57 are also discussed. This webcast is essential for professionals aiming to stay ahead of regulatory changes and ensure compliance in their digital asset reporting practices. Register now to access the on-demand replay and equip your firm with the knowledge needed to tackle these upcoming challenges effectively. For the on-demand replay, register here: https://lnkd.in/dxaHRrtj 

Jack Womack reports: A report has identified the law firms which advised on claims in U.K. courts in the first half of 2024 with the highest average claim value. Research by litigation platform Solomonic has identified the top five firms, with Eversheds Sutherland topping the list with an average claim value of £90 million. The firm secured first place through such cases as its re presentation of defendant cryptocurrency lender Nexo in a $819 million battle. In second place is Squire Patton Boggs, with the firm's average value just behind Eversheds' on £89.5 million. Herbert Smith Freehills took third place with £66.1 million, representing well-known clients such as Nord Stream and Bernie Ecclestone. 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝘄𝗵𝗼𝗹𝗲 𝘀𝘁𝗼𝗿𝘆: https://lnkd.in/e8edtj4J

In a Wall Street first, in Oct 2023, BlackRock used JPMorgan’s Ethereum-based Onyx blockchain and the bank’s Tokenized Collateral Network (TCN) to tokenize shares in one of its money market funds (MMFs). These tokenized shares were then transferred to Barclays Plc as collateral in an over-the-counter (OTC) derivatives trade. This transaction represents a significant step in the tokenization of traditional financial assets, and it highlights the growing interest in blockchain-based solutions within the banking industry. The process was remarkably efficient, with tokenization occurring within minutes and the transfer was near instantaneous. The tokenization of traditional financial assets is a big deal for banks! https://lnkd.in/gfMmqxqH #Onyx #Blockchain #TradeFi

With the FASB's recent revision to the cryptocurrency accounting standards, there's a substantial shift in how businesses report these assets. The key change mandates that digital assets be reported at fair value on the balance sheet, a departure from historical cost accounting. This move aims to provide stakeholders with a clearer, more relevant picture of a company's financial health. Accountants and auditors must now pay close attention to market values, impairment considerations, and disclosure requirements. Manik Bansal Pierian Services BT Pierian #AccountingUpdate #DigitalAssetReporting #FASBStandards #PieAAS #ThePiePerspective

Gain insights from Sher Malhi, our Group Chief Financial Officer, as he sheds light on how Phoenix Group upholds regulatory compliance and transparency in our cryptocurrency operations. Learn how we prioritize integrity and trust in everything we do! #PhoenixGroup #Crypto #Regulation #Transparency

Nobody’s surprised the U.S. Securities and Exchange Commission isn’t jumping on an ether ETF right away, Daniel Kuhn writes. But it’s a matter of when not if an approval will come. An opinion: https://trib.al/FGNVrTL #oped #cryptonews #SEC #coinbase #blackrock #finance #ETFs #eth #longreads

In July 2023, the Public Company Accounting Oversight Board published a report that highlights common areas of audit deficiencies for public companies. Private companies face similar challenges when reporting their financial results. The report identified seven key financial statement concerns: 1) revenue and related accounts, 2) inventory, 3) information technology, 4) business combinations, 5) long-lived assets, 6) goodwill and intangible assets, and 7) allowances for loan and lease losses. Another emerging area of concern is cryptocurrency transactions. As audit season approaches, expect external auditors to focus on these high-risk areas. https://hubs.ly/Q020jt8k0 . . . . #FinancialReporting #PCAOBReport #AuditDeficiencies #PublicCompanies #PrivateCompanies #AuditInsights #HighRiskAreas #CryptocurrencyTransactions #FinancialStatementDeficiencies #InternalAccounting #ExternalAuditors #CryptoAuditRisks #FinancialTransparency #AuditSeason #AuditProcedures #RevenueReporting #DigitalAssetRisks #FinancialInsights2023 #AuditFindings #AccountingBestPractices

K2 Integrity’s Jennifer Law comments on the new FASB guidance for digital asset reporting in the latest Thomson Reuters Accounting & Compliance Alert. Jennifer highlights the importance of early adoption—especially for investment firms and companies with significant cryptocurrency holdings—but notes that timing is crucial. "It makes sense to review their current financial statements, including previous disclosures, and then create a proforma statement in Q3 to see what's involved and how it will impact their disclosures," she advises. Read more: https://lnkd.in/esBkN-PJ #Crypto #Accounting #Compliance