The Financial Accounting Standards Board said on Wednesday that companies should use fair-value accounting to measure bitcoin and other crypto assets, bringing them one step closer to a standard that could eliminate uncertainty about reporting the value of such holdings. According to the FASB, fair-value accounting best captures the economics of crypto assets and has been determined to be a requirement rather than an option for companies. Companies and accountants want the FASB to switch to fair-value accounting, which would allow them to immediately recognize losses and gains and treat digital assets as financial assets.
