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FASB approves fair value accounting for crypto assets, opening door for corporate adoption
The U.S. Financial Accounting Standards Board (FASB), the organization responsible for establishing accounting and reporting standards for organizations that follow generally accepted accounting principles (GAAP), has unanimously approved rules for valuing crypto assets in company financial statements. Under new rules, companies that hold or invest in cryptocurrency will be required to report their holdings at fair value, a measurement that aims to capture the most up-to-date value of an asset. FASB first announced the proposed changes back in March and issued a call for public comments on the changes to the FASB ... (full story)