The Financial Accounting Standards Board (FASB) took a step closer to establishing a standard on Wednesday by recommending that businesses use fair-value accounting to determine the value of bitcoin and other digital assets. Because there are no detailed accounting or transparency regulations governing bitcoin assets, corporations categorize them as intangible assets with an indeterminate life span, much like intellectual property such as trademarks. At least once a year, businesses must examine the value of these assets and write them down if it falls below the original acquisition price. If the asset’s value increases, companies can only report a profit when The post FASB Settles On Fair-Value Accounting For Measuring Crypto Assets appeared first on Cryptoknowmics-Crypto News and Media Platform.
