Financial Accounting Standards Board (FASB) Releases New Accounting Standards for Crypto Assets

The Financial Accounting Standards Board (FASB) has updated accounting standards for crypto assets, supported by companies such as MicroStrategy.

The Financial Accounting Standards Board (FASB), operating in the United States, has finally updated accounting standards for crypto assets, a change long-awaited. With these new regulations, companies will be granted the authority to use fair value accounting for specific cryptocurrencies held in their balance sheets.

“The new standard responds to feedback from all stakeholders, emphasizing that accounting and disclosure of crypto assets are a top priority for the Board.”
FASB President Richard R. Jones
Crypto Assets to Be Evaluated Close to Market Value

The updated standards, in particular, will allow the adoption of fair value accounting for the accounting and disclosure of specific cryptocurrencies. This will enable companies to assess and disclose the value of their held crypto assets more closely to their market value.

FASB’s move is expected to help companies manage their crypto assets more effectively and provide investors with more transparent information, according to the statement.

MicroStrategy had also announced its support for the new accounting standards earlier this year.

Source: The Block

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