The Financial Accounting Standards Board (FASB), the authoritative body overseeing U.S. accounting practices, has unveiled a significant update to its accounting standards. This change, centered on cryptocurrency assets, aims to enhance the financial reporting of these digital assets. Richard R. Jones, FASB Chair, emphasized the importance of this development, noting its alignment with stakeholder feedback that called for improved accounting and disclosure of crypto assets.
FASB’s Shift to Fair-Value Accounting
Under the new guidelines, businesses can apply fair-value accounting to specific cryptocurrencies on their balance sheets. This marks a departure from the previous model, known as the “indefinite-lived intangible asset accounting model.” Earlier, firms had to rely on the original purchase price, adding cumulative impairment charges.
The new approach, practical for fiscal years starting after December 15, 2024, allows for earlier adoption in financial statements yet to be
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