New Accounting Rules to Allow Companies to Record Crypto Gains
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The Financial Accounting Standards Board (FASB) published new rules that will benefit companies holding Bitcoin and cryptocurrencies.
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Under current rules, firms must report losses if crypto drops in value but can't record profits if values rise.
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New rules taking effect in late 2024 will allow firms to record crypto at fair market value.
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Tesla, Block, and MicroStrategy stand to record gains under the new rules due to their Bitcoin holdings.
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The rule change may encourage more corporate treasuries to invest in cryptocurrencies.