US accounting standards board rules will reflect institutional crypto assets’ fair value
The U.S. FASB has decided that crypto assets will be represented at their fair value in accounting beginning late next year.
Crypto companies and institutions holding crypto assets have gotten some good news about accounting practices. They will be able to record the value of their crypto more realistically under rule changes in the United States.
The Financial Accounting Standards Board (FASB) finalized the new rules on Dec. 13. The FASB is the organization that sets accounting and reporting standards for the U.S. Generally Accepted Accounting Principles (GAAP). GAAP-standard financial reports are required from companies that trade on public markets in the United States.
Related: New crypto accounting guidelines could ‘smooth the way’ for adoption
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