SAB 121 provides guidance on accounting and disclosure for companies that safeguard clients’ crypto assets and allow them to perform transactions with them. The bulletin said those companies, which include platforms such as Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD), should list digital assets as liabilities on their balance sheets at fair value. The need for the new accounting procedure was chalked up to “increased risks” from crypto assets.
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Source: Cryptocurrency - investing.com
