Crypto Accounting, Tax Disclosure Rules Eyed for Mid-December

The Financial Accounting Standards Board plans to publish around mid-December much-watched final accounting standards on breaking down details of income taxes and how to record cryptocurrency holdings, the board’s technical director said Monday.

Under FASB’s forthcoming income tax disclosure standard, companies will have to annually report the year-to-date amount of income tax paid—net of refunds received—to state, federal, and foreign taxing authorities. If a company pays at least 5% of total tax payments to any country or jurisdiction, it will have to list the country or state individually and disclose the amount of tax paid, also annually.

The crypto accounting ...