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Crypto Accounting Questions Not Pervasive Enough for New Rules

Oct. 21, 2020, 8:29 PM

Questions about accounting for digital assets like Bitcoin are still not pervasive enough to warrant standard-setting action, a unanimous Financial Accounting Standards Board said Wednesday. However, it will look at how for-profit businesses can acquire nonprofits.

The U.S. accounting rulemaker rejected calls to formally tackle how companies should recognize and measure cryptocurrencies, saying most companies don’t hold a material amount of them. If they do allow customers to pay with Bitcoin, they immediately convert the digital currency to cash, board members said.

Board members also pointed out that the American Institute of CPAs in December issued guidance that says most ...

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