The Financial Accounting Standards Board (FASB) has said that firms should use fair-value accounting methods for cryptocurrencies likes bitcoin (BTC) and ether (ETH), according to a Wall Street Journal report. Fair-value accounting of crypto would allow companies to report losses and gains immediately and treat the asset class as traditional financial assets. Currently, digital assets are considered as indefinite-lived intangible assets that only require reporting once a year. Saylor tweeted his support for the new accounting system, calling it a major milestone on the road to institutional bitcoin adoption. The FASB will make likely make a decision before the end of the year, the report said.

Source: Wall Street Journal October 13, 2022 09:56 UTC