FASB Updates Standards to Allow Recognition of Fair Value Changes in Crypto Holdings
The Financial Accounting Standards Board (FASB) has updated its standards to allow companies to recognize changes in the "fair value" of their cryptocurrency holdings. This will benefit companies like MicroStrategy who have crypto on their balance sheets. Previously, companies had to report a loss if the value of their crypto holdings decreased, even if they hadn't sold the assets. The new rules will require companies to report the fair value, cost-basis, and types of assets they hold. The FASB received feedback from stakeholders indicating that the existing guidance did not provide useful information for investors or other parties. The new rules will take effect after Dec. 15, 2024.
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