Bloomberg Tax
May 11, 2022, 2:09 PMUpdated: May 11, 2022, 3:13 PM

Crypto Industry to Get Official Rules on Bitcoin Accounting (1)

Nicola M. White
Nicola M. White

Companies like MicroStrategy Inc., Tesla Inc., and Block Inc. will get long-awaited rules for accounting for the stashes of Bitcoin and other digital assets they hold on their balance sheets, U.S. accounting rulemakers said Wednesday.

The Financial Accounting Standards Board unanimously agreed to kick off discussions on how to recognize and measure digital assets, as well as how to present them on company financial statements. The board rejected an idea to also consider whether commodities should be treated similarly to digital assets.

The board will have to decide how exactly to account for digital assets and whether the model should ...

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