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Join the Securities Litigation and Enforcement Group on LinkedInFASB Adopts Crypto Accounting and Disclosure Rule for Companies – WSJ
The FASB, which sets accounting standards for U.S. public and private companies and nonprofits, on Wednesday voted unanimously to adopt a new standard that would require businesses to use fair-value accounting for bitcoin and certain other crypto assets. Companies and accountants have repeatedly rallied for this change, as it would allow them to recognize losses […]
FASB Settles on Fair-Value Accounting for Measuring Crypto Assets – WSJ
The Financial Accounting Standards Board on Wednesday said companies should use fair-value accounting for measuring bitcoin and other crypto assets, moving a step closer to a standard that could clear up uncertainty over reporting how much such holdings are worth. There are currently no specific accounting or disclosure rules for cryptocurrency assets, so businesses classify […]
FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – WSJ
On Wednesday, the board outlined its criteria for the crypto assets that would be covered by a new rule. The subset of digital assets under the project would include those that are intangible, that is, non-financial assets that lack physical substance, and that don’t carry contractual rights to cash flows or ownership of goods or […]
Meet the accountants who may become the new power brokers of taxes. – The New York Times
Here’s where the accounting officials come in. Nearly 50 years ago, the Securities and Exchange Commission gave responsibility for writing and updating its “generally accepted accounting principles,” which determine how quarterly and annual profits are calculated, to the Financial Accounting Standards Board, a private organization funded by corporations and overseen by a nonprofit group, the […]