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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The Australian government’s financial reporting standards agency is pushing for international action in the area of digital currencies. The Australian Accounting Standards Board (AASB), a government agency tasked with overseeing the country’s reporting standards, has published a new position paper ahead of a December meeting of members from the International Accounting Standards Board (IASB). In sum, the paper argues that a more defined standard is needed both for digital currencies as well as other kinds of intangible assets. The question of accounting standards has come up in the past,....
The Australian Accounting Standards Board (AASB) has called for new standards for digital currencies like bitcoin after determining a lack of clarity and guidance on digital currencies in the International Financial Reporting Standard (IFRS) by the International Accounting Standards Board (IASB). The AASB, a government agency that develops and maintains financial reporting standards relevant to private and public sectors of the Australian economy, published a new paper in the weeks leading up to a December meeting, titled “Digital Currency – A case for standard setting activity” [PDF]. In....
The FASB is set to review its accounting rules for digital assets, which could see firms no longer be required to report crypto such as BTC as “intangible assets” on their balance sheets. 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 assets such as BTC as “intangible assets” on their....
Crypto accounting is undergoing a seismic shift in the United States as the Financial Accounting Standards Board (FASB) unanimously approves new rules governing the fair valuation of companies’ cryptocurrency holdings, according to recent reports. The move, widely anticipated and applauded by the financial industry, aims to bring transparency and consistency to a rapidly evolving sector. […]
The Financial Accounting Standards Board received hundreds of letters inspired by MicroStrategy that urge U.S. accounting standards be reconsidered to accommodate companies that hold Bitcoin.