In a bid to develop transparent accounting rules for digital assets, the US Financial Accounting Standards Board (FASB) has revealed what assets the industry body will include in its crypto rule-making project, leaving NFTs and certain stablecoins outside its scope.
After years of being asked by businesses and investors to take a position on how to account for crypto holdings, the organization added the crypto project to its rule-making priority agenda last May. And on Wednesday, the FASB disclosed what assets are to be covered by a forthcoming rule, The Wall Street Journal reported.
While the leading cryptoassets such as bitcoin (BTC) and Ethereum (ETH) will be covered by the project, accounting for NFTs and certain (unspecified) stablecoins is likely to continue creating problems for companies who have invested in such assets. Until now, such investments have predominantly been accounted for based as indefinite-lived intangible assets, similar to website domains and trademarks,...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
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...