Accounting Rulemakers Not Ready Yet to Tackle Crypto Issues

May 5, 2021, 3:05 PM

Don’t expect new accounting rules anytime soon to deal with digital assets like Bitcoin, two of the nation’s top accountants said Wednesday.

Not all digital assets are the same, accounting standard-setters could face difficulty writing rules for existing and to-be-developed assets, and the use of digital assets and cryptocurrency still isn’t widespread enough, SEC acting Chief Accountant Paul Munter and Financial Accounting Standards Board Chair Richard Jones said at a conference hosted by Baruch College.

“We as yet haven’t seen a lot of evidence of widespread use of digital assets, notwithstanding fairly recent one-off transactions,” Munter said.

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