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FASB will require entities to use fair value accounting for crypto assets and provide additional information about their crypto holdings beginning in 2025.
In an effort to increase financial transparency, the FASB tentatively approved crypto assets to be separately disclosed from other intangible assets.
Companies must now account for cryptocurrency assets using fair value, according to a decision made by the Financial Accounting Standards Board (FASB).
The demand for guidance on how firms should manage digital assets for accounting purposes continues to grow in tandem with the use and acceptance of crypto assets.
With cryptocurrencies becoming more mainstream, Weaver is consistently asked to decrypt what crypto means for individuals and businesses that want to learn more.