FASB Approves New Rules for Accounting and Disclosure of Cryptocurrencies in Financial Statements
The Financial Accounting Standards Board (FASB) has voted unanimously to change the way companies account for and disclose their holdings of cryptocurrencies such as Bitcoin and other digital assets. The new rules, which will come into effect in 2025, aim to provide greater transparency to investors and other financial statement users about these volatile assets. Companies will be required to account for digital assets at fair market value, with gains and losses flowing through the income statement.
