No GAAP for Bit Coins FASB Discussions Indicated | Bloomberg BNA

News December 19, 2013 , by admin Comments Off 21

Would “Bit Coins” potentially be a functional currency under which financial statements can be prepared? This was a question posed to the Financial Accounting Standards Board during the board’s meeting with its Small Business Advisory Committee SBAC Nov. 7. As an auditor I thought I’d better start asking, said one SBAC member: what’s the accounting for [bit coins]? Is it a cash? is it an investment? I believe it is a medium of exchange, is there any guidance on what the accounting is for bit coins? There is no generally accepted accounting principles GAAP that specifically addresses financial reporting for bit coins, which means this would fall under other comprehensive basis of accounting OCBOA, FASB members who weighed in said.

as reported By Denise Lugo Staff Correspondent @Bloomberg BNA

via No GAAP for Bit Coins FASB Discussions Indicated | Bloomberg BNA.