PANews December 17 news, the Financial Accounting Standards Board (FASB) recently released Accounting Standards Update (ASU) 2023-08, which clarifies the accounting and disclosure requirements for cryptocurrencies such as Bitcoin. The standard requires that cryptocurrencies meeting six criteria be measured at fair value on a regular basis, with value changes directly recorded in net income, and separately presented in financial statements. Companies are required to disclose detailed information including the names of significant cryptocurrencies, fair value, unit quantity, and any restrictions. This standard is applicable for financial years after December 15, 2024, with early adoption permitted.
