Bloomberg Tax
March 18, 2019, 8:50 AM

Bitcoin Accounting Questions Not Pervasive Enough for Action

Nicola M. White
Nicola M. White

They’re buzzy, exciting transactions but businesses just don’t use cryptocurrencies enough to warrant fine-tuning accounting standards for them.

So goes the reasoning from the Financial Accounting Standards Board as it responds to questions from accountants about whether to classify investments in and receipts of digital currencies like bitcoin as inventory, financial instruments, or intangible assets.

“I don’t see the accounting issues,” FASB Chairman Russell Golden said March 5 at a meeting with the board’s Not-for-Profit Advisory Committee. “I see real auditing issues and real risk issues, but I don’t see accounting issues yet.”

The reason: FASB research shows that while ...

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