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 – 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]/* */.
Chamber of Digital CommerceUSAccounting
CBOE Saw Its Highest-Ever Bitcoin Futures Volumes Yesterday
Two major markets for bitcoin futures contracts saw a major boost in volume on Wednesday.
Available market data shows that CBOE saw its highest-ever volume for bitcoin futures since it first debute
Former Paypal CEO says investors are drinking the bitcoin 'Kool-Aid'
Former head of online payments giant Paypal is bullish on the future of digital money but maintains that bitcoin is a scam. "Everyone is drinking the Kool-Aid," Bill Harris, former Paypal, CEO
OmiseGo Hits Two-Month High Amid Exchange Listings
OmiseGo's OMG token is reporting double-digit gains today, figures that throw shade on the rest of the top 25 cryptocurrencies by market valuation.
Having clocked a two-month high of $20.67 earlier
More Than $140 Million in Bitcoin Moved from Mt Gox Wallets
16,000 bitcoins (an amount worth about $141 million) tied to the now-defunct bitcoin exchange Mt Gox were moved on Thursday.
According to CryptoGround, which monitors Mt Gox's remaining wallets, th
Crypto Mining Made Up 10% of AMD's Revenue in Q1
Cryptocurrency mining demand accounted for as much as 10% of AMD's first-quarter revenue this year, according to the chip maker.
"The strength in Radeon products was driven by both gaming and block
Romania's Oldest Bitcoin Exchange Is Shutting Down Next Week
Romania's BTCxChange announced it was closing its platform earlier this week.
In a notice dated April 22, the nation's oldest cryptocurrency exchange told its customers to withdraw all of their rem
Ripple Says Sales of XRP Cryptocurrency Rose 83% In Q1
Ripple reported Wednesday that sales of its cryptocurrency XRP totaled $167.7 million in the first three months of 2018, an increase of 83% compared to the previous quarter and of 2,400% compared to t
There are now 17 million bitcoins in existence — only 4 million left to 'mine'
More than 80 percent of the bitcoins that will ever exist have now been created. The 17 millionth bitcoin was "mined" Thursday, according to data from Blockchain.info, more than a year since the