Weekly Roundup 10/13/22 (FASB accounting rules update, Warren's letter to Texas, Howey's orange groves) (EP.361)
On The Brink with Castle Island
00:00
Putting Crypto Assets on the Balance Sheet
The FASB basically changing their mind in terms of how to account for crypto assets. The way it works up until this new FASB clarity is that if you're a company like micro strategy and you buy Bitcoin at say $50,000, you have it marked as an intangible. And so when it goes down, you need to mark it down, but you can't mark it back up. So now you are free to market to market. There's sophisticated reference rates out there.
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