US Accounting Standards Body Weighs New Digital Currency Rules

US Accounting Standards Body Weighs New Digital Currency Rules

The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies. According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn't yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce – a trade organization for companies....


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Quotes

We've been a strong supporter of Bitcoin for a number of years as it allows overseas transactions with less fees and exchange rate fluctuations.

David Brim, CEO Tomcar Australia