US Accounting Standards Body Weighs New Digital Currency Rules
Array

US Accounting Standards Body Weighs New Digital Currency Rules

-

- Advertisment -

The Financial Accounting Standards Board (FASB), a financial accounting standards body in the US, is reportedly considering whether to undertake a new initiative on digital currencies.

According to Reuters, the FASB – which sets accounting standards for publicly traded US firms – hasn’t yet decided if it will develop new guidelines for companies dealing with bitcoin and other cryptocurrencies. However, the non-profit is apparently assessing whether it should begin that process following a request from the Washington, DC-based Chamber of Digital Commerce (CDC) – a trade organization for companies and groups working in the digital currency and blockchain space.

In a letter to the board, dated June 8, CDC founder and president Perianne Boring argued that the lack of standards is creating a barrier for both investors and entrepreneurs:

“The absence of accounting standards for digital currencies is a mission critical issue for companies seeking to invest and innovate in this exciting technology frontier and may hold back economic growth in the United States.”

If it does undertake the initiative, the FASB would not be alone among the world’s accounting standards groups who have begun developing new frameworks. Among those is the Australian Accounting Standards Board, which in November argued for global action in this area.

Further, a group of accounting firms including PwC, Deloitte and EY, among others, formed a new coalition last year aimed at promoting new standards for digital currency. The CDC, too, has previously launched an advocacy effort, dubbed the Digital Assets Accounting Coalition.

Accounting image via Shutterstock


The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Source link

US Accounting Standards Body Weighs New Digital Currency Rules
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Will New Zealand’s crypto salary project work?

Now in 2020, Bitcoin, and in a broader sense cryptocurrencies in general, have gone through hundreds of...
- Advertisement -

Is Tron’s decentralized app market really a “Las Vegas on the blockchain?”

The original idea behind creating cryptocurrencies was to offer a much more decentralized and convenient payment platform...

Why Blockd’s anti-hacking tool is vitally important for crypto

“Blockd.” That’s the message that appears if a hacker tries to steal funds out of an account...

Must read

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business,...
- Advertisement -US Accounting Standards Body Weighs New Digital Currency RulesUS Accounting Standards Body Weighs New Digital Currency Rules

You might also likeRELATED
Recommended to you