Pace

Spot

Elon Musk

<div class="insidebitcoins"> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
 <p>New accounting guidelines passed by the Financial Accounting Standards Board (FASB) will require companies to use a “fair value” methodology that requires cryptocurrencies be valued according to market prices.</p> 
 <p>The new guidelines, the first accounting rule specifically for cryptocurrencies in the US, received a unanimous vote of approval from the FASB with the final draft expected later in the year. The standards are expected to take effect starting December 15, 2024, after final approval of the final draft goes to a written vote.</p> 
 <p>The regulations were introduced in March by the FASB, a non-governmental organization regulated by the U.S. Securities and Exchange Commission (SEC), as a move to break from the custom of valuing bitcoin and other digital assets based on unrealized losses.</p> 
 <p>The implementation of the new guidelines will see companies disclose their cryptocurrency holdings by making crypto gains and losses a part of their quarterly reports.</p> 
 <p>The disclosure will be made at fair value, which captures the most recent value of an asset. While the new standard will add volatility to the profitability of organizations that are significantly involved in cryptocurrencies, the ability to report recoveries is seen as an improvement over the existing practice.</p> 
 <p>Companies will be able them to instantly recognize losses and gains and treat digital assets like traditional financial assets rather than as indefinite-lived intangible assets.</p> 
 <p>The implementation and adherence to the accounting rules is expected to break the barrier that is believed to have slowed down the adoption of crypto, especially among corporate companies, says Microstrategy co-founder and former CEO Michael Saylor.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Fair value accounting is coming to #Bitcoin. This upgrade to FASB accounting rules eliminates a major impediment to corporate adoption of $BTC as a treasury asset.https://t.co/MjVzUJRVjX</p> 
  <p>— Michael Saylor⚡️ (@saylor) September 6, 2023</p> 
 </blockquote> 
 <p></p> 
 <h3 id="fasb-says-new-guidelines-provide-better-information-for-investors">FASB Says New Guidelines Provide Better Information For Investors</h3> 
 <p>The new rules have received backing from FASB Chairman Richard Jones, who said that it will give investors more information for making better investment decisions.</p> 
 <p>“I think we heard overwhelmingly from investors that allocate capital based on the use of financial statements that this will provide them better information to make their decisions, and so I’m fully supportive of it,” Jones said.</p> 
 <p>Despite the implementation being slated for late next year, FASB agreed to and encouraged companies to seek an early adoption of the new standards.</p> 
 <p>According to Vice Chair Jim Kroeker, the benefits of the rules not only likely outweigh the expenses for businesses to comply, but they may also result in cost savings in some circumstances.</p> 
 <p>Companies have generally supported the proposed rule after after the FASB sought feedback on the proposal from the public.</p> 
 <p></p> 
 <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/kJrm0jxQypM" data-id="kJrm0jxQypM" data-query="feature=oembed"></div> 
 <noscript> <iframe title="FASB Board Meeting - Wednesday September 6, 2023" width="640" height="360" src="https://www.youtube.com/embed/kJrm0jxQypM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </noscript> 
 <p></p> 
 <h3 id="related-articles">Related Articles</h3> 
 <ul> 
  <li>Binance Exodus Gathers Pace as Eastern Europe, Russia Executives Leave</li> 
  <li>Spot Bitcoin ETF Approval To Trigger ‘Enormous Inflows,’ Reckless Not To `Aggressively Accumulate BTC,’ Report Says</li> 
  <li>Grayscale Urges SEC to Approve Spot Bitcoin ETF `Quickly,’ Warns Delay Is Inflicting ‘Unjustified Harm’ On Investors</li> 
 </ul> 
 <div class="inContentProviderSingle inContentColor--insidebitcoins fc-row"> 
  <div class="inContentProviderSingle--wrapper"> 
   <div class="container"> 
    <div class="row mb-lg-3"> 
     <div class="col-12 col-md-8"> 
      <p class="inContentProviderSingle--title">Wall Street Memes - Next Big Crypto</p> 
     </div> 
     <div class="col-12 col-md-4"> 
      <div class="inContentProviderSingle--rating"> 
       <div class="rating--holder"> 
        <p class="rating--text">Rating</p> 
        <div class="rating--star-container"> 
         <div class="rating--star" style="width: 100%;"></div> 
        </div> 
       </div> 
      </div> 
     </div> 
    </div> 
    <div class="row">  
     <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none"> 
      <img class="inContentProviderSingle--img mb-3" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img mb-3" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
     <div class="col-12 col-md-8"> 
      <ul class="inContentProviderSingle--list"> 
       <li>Early Access Presale Live Now</li> 
       <li>Established Community of Stocks &amp; Crypto Traders</li> 
       <li>Featured on BeInCrypto, Bitcoinist, Yahoo Finance</li> 
       <li>Rated Best Crypto to Buy Now In Meme Coin Sector</li> 
       <li>Team Behind OpenSea NFT Collection - Wall St Bulls</li> 
       <li>Tweets Replied to by Elon Musk</li> 
      </ul> 
     </div>  
     <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block"> 
      <img class="inContentProviderSingle--img float-right" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img float-right" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
    </div> 
    <div class="row"> 
     <div class="col-12 text-center"> 
      <div class="inContentProviderSingle--button">
        Learn More 
      </div> 
      <div class="inContentProviderSingle--disclaimerText"> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-fasb-to-introduce-fair-value-accounting-for-cryptocurrencies-tbt61933.html">https://thebittimes.com/us-fasb-to-introduce-fair-value-accounting-for-cryptocurrencies-tbt61933.html</a></p>

US FASB To Introduce Fair Value Accounting for Cryptocurrencies

Table of Contents

TheBitTimes

Other articles published on Sep 7, 2023

CBOE filed two requests for first spot Ethereum ETF

Crypto Market in Q4 2023 Looking Strong as These 3 Tokens Are Set To Go 10x

Shiba Inu’s Lucie Sends Clear Message: It’s Time to Build on Shibarium

80 Crypto Influencers Social Accounts Shut Down in China

Grayscale’s Legal Tussle and Bitcoin Whales: What’s Shaping the Crypto Market?

BTC Price Experiencing Pre-Reversal Period In 2019

Join our free newsletter for daily crypto updates!