The public is clamoring for clear rules on cryptocurrency accounting, according to hundreds of letters inspired by software company Microstrategy Inc. that tell U.S. accounting rulemakers that companies that invest in Bitcoin end up with financial statements that don’t make sense.
“This disconnect between an entity’s financial statements and the economic reality of its financial condition and results of operations creates confusion and fails to provide investors, analysts, and the general public with the information they need to make an informed assessment of an entity’s current and future prospects,” Microstrategy recently wrote to the Financial Accounting Standards Board. The company ...
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