MicroStrategy, Block Will Get to Capture Token Highs, Lows Under New FASB Rules

Seekingalpha2023-12-14

MicroStrategy (MSTR), Tesla (TSLA), Block (SQ), Coinbase Global (COIN) and other U.S. public and private companies that hold bitcoin (BTC-USD) or ethereum (ETH-USD) will be required to measure their ...

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Standards Board.In other words, such firms will be able to record the highs and lows of their token stash in order to capture their most up-to-date value. That, in turn, dismisses uncertainty over how much such holdings are actually worth.The long-awaited rules, which go into effect in 2025, \"will provide investors and other capital allocators with more relevant information that better reflects the underlying economics of certain crypto assets and an entity’s financial position while reducing cost and complexity associated with applying current accounting,” FASB Chair Richard R. Jones said in a statement. Companies have the option to abide by the rules ahead of the deadline.Under the current practice, which doesn't provide clear guidelines on how firms should disclose their crypto holdings, firms treat their crypto as indefinite-lived intangible assets, which include trademarks, copyrights and other items that are rarely traded.As a result, companies record their crypto at the historical price they paid and review their holdings every quarter for impairments. Holdings are considered impaired even if the price of a crypto falls temporarily during the reporting period, and values can't be upwardly revised if the price recovers.The new accounting rules, floated by the FASB in March, mark an improvement over the current method as companies will be able to record gains and losses immediately and classify crypto assets as financial assets.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2391567881"}