Crypto Accounting
Standards Now!
We believe in establishing practical accounting standards for digital assets to ensure transparency and clarity. The Chamber’s advocacy led to the fair market value accounting treatment for digital assets, and we will continue collaborating with policymakers for clear, consistent standards that reflect our industry’s innovations.
FASB’s Accounting Standards for Digital Assets
We championed an industry effort to advocate for updated accounting standards from FASB for crypto assets. Through a series of impactful meetings within the Accounting Initiative, we submitted influential comments on FASB’s Accounting Standards Update (Subtopic 350-60) about the accounting and disclosure of crypto assets. This significant update towards fair value accounting represents a decade’s worth of advocacy efforts by The Chamber.
Proof of Reserves Legislation
We took the lead in driving the passage of Proof of Reserves legislation in the Texas House of Representatives, building on the foundation laid by our Proof of Reserve Report. On April 20, 2023, this crucial legislation advanced through the Texas State House and currently awaits evaluation in the state Senate. Our ongoing and unwavering advocacy is vitally important in shaping the regulatory landscape for the better.
Relevant Links
Accounting Standards Are Key to Getting Digital Assets on Corporate Balance Sheets:
Wall Street Journal: Accountants, Lawmakers Urge Rules on Crypto Accounting Standards
Adding it Up: A Chamber Webinar on establishing robust standards for digital assets
Who Cares About Crypto Accounting? We do
What Our Members Are Saying
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#CryptoAccountingStandardsNow!
