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Currently, accounting rules only let companies record increases in the value of their digital assets when they sell them – though losses are reflected at least once a year. But, on Wednesday, the Financial Accounting Standards Board (FASB) voted to take another path, letting companies use fair-value accounting that allows
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The United States Financial Accounting Standards Board’s new rules for crypto accounting will eliminate the “poor optics” that plagued companies holding digital assets, according to analysts from Berenberg Capital.On Sept. 6, the U.S. Financial Accounting Standards Board (FASB) approved new rules for cryptocurrencies with regard to how companies report the
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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The FASB, which is a nongovernmental standard-setting board overseen by the U.S. Securities and Exchange Commission (SEC), had proposed the rule in March. The suggested changes departed from the usual practice of marking these assets for their unrealized losses – seen by the industry as a barrier to wider crypto
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“We expect the disconnect between the reported carrying value on our balance sheet and the fair market value of our bitcoin holdings to grow significantly over time,” MicrosStrategy CEO Phong Le said in a letter to the FASB last year, as quoted by WSJ. Source
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FASB did not name specific crypto assets that would be excluded from the rule. But it said the digital assets addressed by the rule would include those that are intangible, don’t carry contractual rights to cash flows or ownership of goods and services, and those that are fungible, according to
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Bitcoin proponent and MicroStrategy CEO Michael Saylor has welcomed the U.S. Financial Accounting Standards Board (FASB) vote to review accounting rules for digital assets and commodities. As it stands under current FASB guidelines — which is the source of authoritative Generally Accepted Accounting Principles (GAAP) — companies must report digital
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Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
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