SACRAMENTO, Calif.—California CPAs are requesting that the Financial Accounting Standards Board consider adding a project or task force to the board to address the accounting and disclosure of cryptocurrencies.
In a technical inquiry request sent by the California Society of CPAs Committee (CalCPA), the Committee continues to "identify clients in the technology and not-for-profit industries that have elected to accept and/or hold cryptocurrency." The Committee also believes that cryptocurrencies will not diminish overtime, "and will continue to expand in both volume and new fields of application," The Block reported.
The letter also points out that major public US corporations like J.P. Morgan are expected to release coins in the near future. The Block noted that Facebook is looking to back its soon to be announced stablecoin with multiple global currencies.