U.S. FASB to revise 'virtual-asset accounting standard'...considering expansion of scope
Summary
- The U.S. FASB said it will review expanding the scope of the virtual-asset accounting standard and approaches for handling asset transfers.
- It reported that the core of this accounting standard is to measure virtual assets at fair value (Fair Value) and reflect them in the financial statements.
- It requires virtual assets to be separately disclosed by operational, investment, borrowing, and collateral purposes, and states that valuation gains and losses are directly reflected in the income statement.
The U.S. Financial Accounting Standards Board (FASB) is expected to revise the accounting treatment standard for virtual assets (cryptocurrencies).
On the 13th (local time), Bloomberg reported that FASB will hold a meeting on the 9th to discuss whether to officially include 'accounting for transfers of virtual assets' on its technical agenda.
At this meeting, measures to expand the scope of the virtual-asset accounting standard announced in 2023 and measures to clarify guidance on how to handle removal from the financial statements when virtual assets are transferred will be intensively reviewed. A plan to pursue both at the same time is also on the discussion table.
Meanwhile, the key point of the virtual-asset accounting standard is to reflect virtual assets in the financial statements by measuring them at fair value (Fair Value) rather than at acquisition cost. It also requires separate disclosure by categorizing virtual assets by operational purpose, investment purpose, borrowing purpose, collateral purpose, etc., and valuation gains and losses are directly reflected in the income statement.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
