Private Company Council (PCC) Chair Candace Wright on Sept. 22, 2022, said new accounting rules the FASB is developing for cryptocurrencies should be applicable to both public and private companies “since there is no guidance.”
Wright, a director with Postlethwaite & Netterville, a Louisiana-based accounting and business advisory firm, told board members she supported “including the private companies as you move forward with this [project].” Her remarks piggybacked on questions raised by other PCC members about how broad a reach the crypto rules would have.
In early September, the FASB decided to limit rules it plans to develop to cryptocurrencies that are fungible, deemed intangible, reside on a blockchain or distributed ledger, secured through cryptography, and do not meet the definition of a contract.
“It is a pretty narrow scope so there will be a number of crypto assets that could be outside of the scope but that’s because those crypto assets may very well be financial...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...