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The votes are launched. At its recent meeting, the Financial Accounting Standard Board (FASB) announced its intention to publish an exposure draft of a new accounting standard for cryptocurrency assets.
The new standard would require companies to value assets such as Bitcoin and Ethereum using fair value accounting with gains and losses recorded in current period comprehensive income.
The proposed accounting standards update, which will include a 75-day comment period, is expected to be released before the end of March. According to KPMG, the FASB made the following decisions regarding the measurement of affected crypto assets:
They would be measured at fair value, with changes in fair value being recorded in current period earnings Do not require or allow alternative valuation (e.g. historical cost less depreciation, for crypto assets not traded on an active market) Commissions, transaction fees, and other costs incurred in acquiring crypto assets would be expensed as incurred, unless other industry-specific USGAAPs (such as ASC 946, financial services investment firms or ASC 940, brokers and dealers in financial services) apply, in which case the entity would continue to follow these guidelines. the above measurement decisions would not differ between public and private entities. Do you like what you read ?
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