Does FTX have an in-house accounting department?

FTX didn't have an in-house accounting department, according to a recent bankruptcy filing. The group is now struggling to obtain accurate financial statements, new CEO John Ray III said. FTX's accounts were audited by a firm that claims to be the first certified accountant to open an office in the metaverse.

What is tax accounting?

In short, tax accounting is the means of accounting for tax purposes. Tax accounting is governed by the Internal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns. Tax accounting applies to everyone—individuals, businesses, corporations, and other entities.

What is FTX exchange?

FTX Exchange was a leading centralized cryptocurrency exchange, the world's third-largest in July 2021, specializing in derivatives and leveraged products.

Why is FTX struggling to provide reliable financial statements?

John Ray III said that FTX's lack of an in-house accounting team meant that it was now struggling to provide him with reliable financial statements as he oversees the group's restructuring as its new chief executive.