US accounting rulemakers took a significant step Wednesday toward crafting long-awaited rules for how companies report holdings of cryptocurrencies like Bitcoin, a move that would bring clarity to big crypto investors like Tesla Inc. and MicroStrategy Inc.
Their first move: defining the exact, narrow population of digital assets that potential new rules would cover. A narrow focus is essential, according to members of the Financial Accounting Standards Board, who said they want to cover accounting for common cryptocurrencies but not non-fungible tokens, or NFTs.
Setting parameters moves the market toward getting official accounting for digital currencies and replacing guidance that ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.