[ad_1]
FASB Sets New Law on Crypto Accounting and Disclosures
- The FASB will set new legislation on virtual currency accounting and disclosure.
- The new law aims to give investors more information, especially about profits and losses.
- It also focuses on the distinction between digital assets and intangible assets.
The Financial Accounting Standards Board (FASB) has submitted a proposal to introduce new rules for cryptocurrencies, specifically accounting and disclosure. According to the new rules, cryptocurrency exchanges and cryptocurrency-related companies must comply with certain accounting standards and other guidelines.
Previously, in May 2022, the FASB voted to set certain rules for cryptocurrency accounting and disclosures, particularly cryptocurrencies such as and, with the goal of providing investors with more information.
FASB Director Christine Botosan commented:
This is very quick for us and this is a pretty big change. We are really pleased with the transparency that this proposal offers investors.
In particular, crypto companies and investors were clamoring for such regulation in the crypto industry, largely due to the fact that the law helps them understand losses and gains clearly and instantly.notewo.. .
The post FASB Sets New Law on Crypto Accounting and Disclosure first appeared in Coin Edition.
Watch the original on CoinEdition
[ad_2]
Source link
