MicroStrategy Inspires Hundreds To Urge FASB To Change Bitcoin Accounting Sta...
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.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, Bloomberg reported. MicroStrategy recently wrote to the Financial Accounting Standards Board (FASB), “This disconnect between an entity’s financial statements and the economic reality of its financial condition....
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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....
Software developer MicroStrategy is set to revamp its reporting of Bitcoin (BTC) holdings each quarter, thanks to a recent decision by the Financial Accounting Standards Board (FASB). Greater transparency into their financial health will be possible owing to this reform, which will permit businesses like MicroStrategy to declare the fair value of their Bitcoin holdings […]
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....
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. […]
Another step has been taken on the path to use fair-value accounting for the reporting of crypto assets in the United States. The United States Financial Accounting Standards Board (FASB)’s decision to allow companies to use “fair value” to account for their crypto holdings could be seen as another step toward the wider institutional adoption of cryptocurrency. During a meeting on Oct. 12, the FASB board made the decision to require entities to measure crypto assets at “fair value.”The board’s decision is “tentative” at this stage, and could be changed at future board meetings when they....