Accountants on new FASB crypto standard: 'About time'

September 17, 2023

"The new standard will require companies to measure crypto assets at fair value, which means that they will have to recognize gains and losses. The new standard will also require companies to provide more disclosures about their crypto assets. "TaxBit adjusted its software to work with the new FASB standard and there's much more to come! FASB could have taken a more aggressive approach and included guidance on NFTs and wrapped tokens in the new standard. "The FASB should be applauded for finally addressing the crypto accounting issue, but the crypto space has expanded and developed far beyond simple bitcoin and a small handful of other instruments.

The source of this news is from TaxBit