Trade Group Calls for Digital Currency Accounting Guidance
A project to create accounting guidance for digital currency could be added to the Financial Accounting Standards Board’s (“FASB”) standard-setting agenda. In response to a request from the Digital Chamber of Commerce, the FASB plans to hold a public meeting to review whether a digital currency project is necessary. A date for the meeting has yet to be announced. In its June 8 letter, the Digital Chamber of Commerce asked for the FASB to establish guidance regarding when and how to measure digital currency. The letter calls for the FASB to develop an accounting model allowing companies to acknowledge digital. Read More.
Topics: Cash and Cash Equivalents (Topic 305), digital currency, FASB, FASB standard-setting agenda, Financial Accounting Standards Board "FASB", Financial Instruments (Topic 825), Intangible Assets (Topic 350), Inventory (Topic 330)