Accounting gets interesting when you get derivatives and the fed involved. You own a volatile asset, so the price can go up and down, everyday. However, you don

Accounting gets interesting when you get derivatives and the fed involved. You own a volatile asset, so the price can go up and down, everyday. However, you don't necessarily know how much said asset is worth. So, you have no P&L. You can possibly borrow against said to cover cash flow, but if asset declines in value, your creditors can demand payment. Furthermore, your balance sheet can look great. However, if your debtors go bankrupt, a solid balance sheet can quickly deteriorate. If your customers pay late, and you can't borrow money, the delicate balance can collapse.