California CPAs want crypto accounting standard clarity, anticipating major public corporations using cryptocurrencies in the future

California CPAs are requesting that the Financial Accounting Standards Board, a US accounting board responsible for setting Generally Accepted Accounting Principles (GAAP), 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, or 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 letter also points out that major public US corporations like J.P. Morgan are expected to release coins in the near future. Yesterday, The Information reported that Facebook is looking to back its soon to be announced stablecoin with multiple global currencies, and charge node operators $10 million apiece to help direct the network.

Meanwhile, outside the United States, the IFRS (International Financial Reporting Standards Foundation) Interpretations Committee, will conduct a meeting next week in London that includes crypto taxation standards listed on its agenda to finalize. IFRS are accounting standards used in more than 110 countries. The full IFRS cryptocurrency staff paper can be read here.

In December, the chairman of the board that sets IFRS, Hans Hoogervost, mentioned a reluctance to explore new crypto standards because accounting standards typically take five years to develop, and he believes cryptocurrencies will be gone before that happens. "We also have to realize the number of companies working with cryptocurrencies is still extremely limited around the world," Hoogervost said.