Crypto Industry Backs Accounting Plan But Asks for More Guidance

Major crypto industry players including Coinbase Global Inc., MicroStrategy Inc., and Kraken back a US accounting proposal for companies that own digital currencies to report the most up-to-date values of their holdings.

“As preparers of financial statements, we do not believe the current accounting standards for crypto assets faithfully represents the economic substance of such transactions,” crypto trading platform Kraken told the Financial Accounting Standards Board.

FASB’s plan, released in March, requires companies that hold or invest in cryptocurrency to report crypto assets at fair value, a measurement that aims to capture the current value of an asset. While ...