FASB (Financial Accounting Standards Board) unanimously voted to add a new rule on the accounting and disclosure of private companies’ (public as well, but for our benefit, I mention that it also affects private companies’) financial statements beginning in 2025.
Fair value accounting must be used, which requires including gains and losses in their net income even if held, rather than only when sold, on any cryptocurrency assets. The cryptocurrency assets must be listed as a separate asset. Furthermore, this will affect any interim reporting as well as yearend.