A “tentative decision” has been made to change the way that crypto assets are accounted for in financial statements within the U.S.
even if their positions were currently in the green, with firms being unable to regularly update the value of their holdings if the value were to increase.
“FASB has just cleared the way for new accounting guidance which will allow most cryptocurrencies to be accounted for at fair value. When this guidance goes into effect it will greatly help smooth the way for broader mainstream adoption.” Crypto tax firm CoinLedger’s director of strategy Miles Brooks said the new FASB decision is “long overdue.”
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