The Financial Accounting Standards Board has amended a document that describes the characteristics of financial reporting for cryptocurrency holders. The FASB Board proposed other, newer methods for valuing virtual assets and liabilities, as well as a new concept for recognizing these assets as objects of taxation and accounting.
Subsequent to the change in accounting standards, all public firms will be able to hold virtual assets in a personal account. Shares, traded on stock exchanges, have already been subject to the new FASB accounting rules. All cryptocurrencies that will be subject to these rules will be valued at a price that is accessible to everyone.
FASB representatives believe that this method of fair assessment can be applied to all liquid cryptocurrencies that are traded in high volume. Including BTC with ETH, which make up the largest part of the assets, owned by most firms.
The Financial Accounting Standards Board says that all the methods for valuing digital currencies that they have come up with need to be modernized, because the methods for valuing shares of public organizations cannot be fully transferred to cryptocurrency assets. But even this is better than the old method of accounting for cryptocurrencies in the books of firms.
It was in 2019 that the topic of accounting for digital assets on the accounts of public organizations was raised for the first time. The community of California Certified Public Accountants demanded accuracy in the accounting rules and disclosure of digital currencies due to the fact that there are no laws in this area.
Earlier, the news about the most profitable coins of the first week of November was published.
