Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

FASB Sets New Laws on Crypto Accounting and Disclosure

Published 02/02/2023, 02:36 AM
Updated 02/02/2023, 03:00 AM
FASB Sets New Laws on Crypto Accounting and Disclosure

  • The FASB sets new laws on crypto accounting and disclosure.

  • The new law intends to provide more information to investors, especially about gains and losses.

  • It also focuses on differentiating digital assets from intangible assets.

The Financial Accounting Standards Board (FASB) put forward a proposal to introduce new rules on cryptocurrency, especially on accounting and disclosure. According to the new rule, crypto exchanges and crypto-related firms are required to undergo specific accounting standards and other guiding principles.

Previously, in May 2022, the FASB voted to set specific rules on crypto accounting and disclosure, specifically on the cryptocurrencies such as Bitcoin and Ethereum, with the intention to provide more information to investors.

Christine Botosan, the FASB board member, commented:

This is pretty quick for us and this is a pretty big change. I’m really pleased with the transparency that this proposal will provide to investors.

Notably, crypto companies and investors were highly demanding such a regulation in the crypto industry, mainly because of the fact that the law would help understand the losses and gains clearly and immediately. It is notewo ...

The post FASB Sets New Laws on Crypto Accounting and Disclosure appeared first on Coin Edition.

See original on CoinEdition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.