FASB’s Shot In The Arm To Bitcoin Community


    In what might be a major growth amid a widespread crash within the cryptocurrency market, the Financial Accounting Standards Board (FASB) on Wednesday took a call for addressing the popularity and measurement of digital belongings, in a unanimous vote. In this regard, deliberations could be held to overview accounting for exchange-traded digital belongings and commodities.

    FASB Vote Goes All In

    According to MicroStrategy’s Michael Saylor, the FASB agreed so as to add the undertaking by a unanimous vote of 7-0 earlier within the day.

    Congratulations to the Bitcoin group. This morning, by unanimous vote of 7-0, the Financial Accounting Standards Board (FASB) agreed so as to add a undertaking to overview Accounting for Exchange-Traded Digital Assets and Commodities.

    Dan Held, director of progress advertising at cryptocurrency change Kraken, stated,

    This is superb. One step nearer to creating it simpler for corporates to personal Bitcoin on their steadiness sheet and account for it in a cogent method.

    The FASB’s board assembly handout acknowledged that the aim of the decision-making assembly was to ask the board whether or not so as to add a undertaking to its technical agenda to handle accounting for sure digital belongings and commodities. Although the event doesn’t assure any attainable consequence in a time-bound method, it might properly show to be a large breakthrough in the long run.

    The offered content material might embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.

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