“We recommend that accounting regulators undertake standard-setting specifically for cryptocurrencies instead of allowing companies to choose which existing standard to apply and how to do so,” says a new paper, “Financial Reporting for Cryptocurrency.” Existing disparate practices by companies studied are causing “inconsistencies or distortions in their balance sheets, income statements, and statements of cash flow reporting.” The study analyzed the financial statements of 40 global companies that have exposure to cryptocurrencies and how they accounted for these assets. The paper appears in the journal Review of Accounting Studies, and the authors are Mei Luo and Shuangchen Yu, who are both at the School of Economics and Management, Tsinghua University, Beijing, China.