News - New accounting rules for cryptocurrencies in the U.S.

By Luc Vesters

New accounting rules for cryptocurrencies in the U.S.

Companies and institutions in the US are likely to benefit from new valuation standards for cryptocurrencies in the future. According to several industry experts, including Adam Back and Michael Saylor at X.

Accordingly, the Financial Accounting Standards Board (FASB) adopted the new rules on Dec. 13. These rules now allow companies to record cryptocurrencies such as Bitcoin on their books at their estimated market price. Under the previous procedure, cryptocurrencies had to be written down upon loss of value, without the possibility of a subsequent write-down. For example, if the price of the asset recovered.

Under the new standards, asset values are determined by period and recorded on the company's books on an ongoing basis. Just as is common in many places for stocks, bonds or commodities. The new rules go into effect Dec. 15, 2024.

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