{"id":237055,"date":"2022-05-12T13:45:58","date_gmt":"2022-05-12T12:45:58","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=237055"},"modified":"2022-05-12T13:19:20","modified_gmt":"2022-05-12T12:19:20","slug":"michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules\/","title":{"rendered":"Michael Saylor joyous at FASB decision to review crypto accounting rules"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The Chief Executive Officer of <\/span><a href=\"https:\/\/cryptoslate.com\/companies\/microstrategy\/\"><span style=\"font-weight: 400;\">MicroStrategy<\/span><\/a><span style=\"font-weight: 400;\"> and Bitcoin maximalist <\/span><a href=\"https:\/\/cryptoslate.com\/people\/michael-saylor\/\"><span style=\"font-weight: 400;\">Michael Saylor<\/span><\/a><span style=\"font-weight: 400;\"> has expressed excitement about the U.S. Financial Accounting Standards Board (FASB) <\/span><a href=\"https:\/\/www.fasb.org\/Page\/PageContent?pageId=\/meetings\/pastmeetings\/05-11-22.html&bcpath=tff\"><span style=\"font-weight: 400;\">decision<\/span><\/a><span style=\"font-weight: 400;\"> to review rules for crypto.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Congratulations to the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&ref_src=twsrc%5Etfw\">#Bitcoin<\/a> community. This morning, by unanimous vote of 7-0, the Financial Accounting Standards Board (FASB) agreed to add a project to review Accounting for Exchange-Traded Digital Assets and Commodities.<\/p>\n<p>&mdash; Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1524420424544702467?ref_src=twsrc%5Etfw\">May 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>FASB to review crypto accounting framework<\/b><\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The current FASB guidelines provide that companies should report digital assets and commodities as \u201cintangible assets\u201d on their balance sheets. This is because cryptocurrencies don\u2019t meet the standard definition of \u201ccash and cash equivalents, financial instruments, financial assets, and inventory.\u201d<\/span><\/p>\n<p style=\"font-weight: 400;\">The rule means that companies like MicroStrategy, which has most of its assets in Bitcoin, can\u2019t report crypto as a tangible asset on its balance sheet. Companies holding intangible assets must measure them using the lowest price within the reporting period.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This reporting standard usually results in impairment losses for companies holding crypto even if the firm maintains its position. MicroStrategy recorded over $800 million in impairment losses due to the rule. In the first quarter alone, the firm <\/span><a href=\"https:\/\/cryptoslate.com\/microstrategy-could-defend-21k-btc-to-stop-a-margin-call\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> an impairment loss of over $170 million.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Given that the FASB is yet to announce the decision officially, the review date is unclear. There\u2019s also no assurance of the outcome.<br \/>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">But adopting a different set of rules that applies explicitly to cryptocurrency instead of traditional finance standards will make it easier for companies holding crypto to report more accurately.<\/span><\/p>\n<h2><b>Crypto crash leads to impairment losses for institutional holders<\/b><\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The performance of the crypto market in the past couple of months means that most Bitcoin holding companies have reported impairment losses on their assets.<br \/>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, these companies, including <\/span><a href=\"https:\/\/cryptoslate.com\/tesla-btc-holding-is-now-worth-2-billion\/\"><span style=\"font-weight: 400;\">Tesla<\/span><\/a><span style=\"font-weight: 400;\">, have not made any losses through sales and are usually still at a profit.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A good example is Townsquare Media. The New York-based company reported an impairment loss of $400,000 on its BTC in the first quarter; however, it sold its position for a $1.2 million profit on March 31.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For MicroStrategy, Bitcoin\u2019s rapid drop in value to $28,000 means the company now has actual impairment losses. In its Q1 report, it stated that the average purchase price of its BTC holding is $30,700.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Chief Executive Officer of MicroStrategy and Bitcoin maximalist Michael Saylor has expressed excitement about the U.S. Financial Accounting Standards Board (FASB) decision to review rules for crypto. Congratulations to the #Bitcoin community. This morning, by unanimous vote of 7-0, the Financial Accounting Standards Board (FASB) agreed to add a project to review Accounting for [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":237079,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[76419,76418,75647],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Michael Saylor joyous at FASB decision to review crypto accounting rules<\/title>\n<meta name=\"description\" content=\"MicroStrategy CEO, Michael Saylor, has expressed joy at the revelation that the U.S. FASB was looking to review its crypto accounting rules.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Saylor joyous at FASB decision to review crypto accounting rules\" \/>\n<meta property=\"og:description\" content=\"MicroStrategy CEO, Michael Saylor, has expressed joy at the revelation that the U.S. FASB was looking to review its crypto accounting rules.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-12T12:45:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-12T12:19:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/05\/image_2022-05-12_171840323.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/michael-saylor-joyous-at-fasb-decision-to-review-crypto-accounting-rules\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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