Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Look for Crypto Accounting Swings Under Fair Value Scenario

May 10, 2022, 8:42 PM

For almost five years, cryptocurrency enthusiasts have pleaded with U.S. accounting rulemakers to mandate reporting that reflects not just the lows, but also the highs of digital assets like Bitcoin and Ethereum.

WATCH: Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

After repeated rejections, the Financial Accounting Standards Board on Wednesday will decide whether to tackle formal rules for the cryptocurrencies that companies like MicroStrategy Inc., Tesla Inc., and Block Inc. hold as investments but can only mark down when their prices dip, never adjust upward when they recover.

The board ...