FASB Accounting Rule Change to Boost Corporate Crypto Adoption

Companies Can Report Gains on Crypto Holdings from December 2024

New accounting rules by the Financial Accounting Standards Board (FASB) will allow companies to report the fair market value of their cryptocurrency holdings, including gains, not just losses.
The rule change, effective from December 2024, is expected to encourage more companies to adopt Bitcoin and other cryptocurrencies.
Companies like MicroStrategy, Tesla, and Block, which already hold Bitcoin, are set to benefit from the new rules.
The FASB's decision comes after a lengthy consideration process that included a call for comments and a vote on the changes.
Bitcoin's price rose following the announcement of the new accounting rules.