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FASB Rules Simplify Bitcoin Accounting and Payments

The source provides a comprehensive overview of the new Financial Accounting Standards Board (FASB) accounting rules—specifically ASU 2023-08—that simplify how businesses manage and report Bitcoin payments. These rules require eligible crypto assets, like Bitcoin, to be measured at fair value at each reporting period, recognizing both unrealized gains and losses in net income, which replaces the prior impairment-only model. This shift aims to improve transparency and accuracy in financial statements, aligning reporting with Bitcoin's market realities and making it easier for companies to adopt Bitcoin payments. The text also explains the specific eligibility criteria for crypto assets under the new standards and highlights how a platform named Flash can help companies integrate and account for Bitcoin transactions in compliance with these updated regulations. The effective date for the mandatory changes is January 1, 2025, although early adoption is permitted