Rush to bitcoin. Not so fast, say keepers of corporate coffers - News Summed Up

Rush to bitcoin. Not so fast, say keepers of corporate coffers


The Financial Accounting Standards Board, which sets accounting standards for U.S. corporations, does not have guidance specific to the accounting for cryptocurrencies. "I am hoping that if more mainstream companies get into bitcoin, the accounting standards board may revisit the accounting treatment." See EXPLAINER:COMPANIES' CRYPTO BILLIONSPublicly listed companies together hold around $9 billion of bitcoin, data from the Bitcoin Treasuries website shows. Of course, if the price of bitcoin rises, a company can always simply sell its holdings, thus realising some gains. Ultimately, experts added, the expansion into bitcoin by companies without existing ties to the cryptocurrency market may depend on the willingness of financial executives to take on risk.


Source: The Star March 08, 2021 06:00 UTC



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