Rulemakers To Tackle Crypto Accounting Debate Next Week

U.S. accounting rulemakers will meet next week to discuss whether cryptocurrencies such as Bitcoin should be accounted for similarly to commodities, the head of the Financial Accounting Standards Board said Wednesday.

“In many cases, they do have certain things in common,” FASB Chair Richard Jones said at a financial reporting conference at Baruch College in New York. “They’re actively traded, they’re viewed as exchanges of value between parties, and they’re often exchange-traded.”

FASB will discuss research to decide if there’s an overlap between digital assets and commodities, and whether there should be one accounting model for them, Jones said. ...