PANews reported on February 3 that according to the Wall Street Journal, the U.S. Financial Accounting Standards Board (FASB), which sets accounting standards for U.S. public and private companies, said on Wednesday that it would issue a proposal requiring companies to use fair value accounting for Bitcoin and other crypto assets. The proposal also requires the financial statements of public and private companies to separate their crypto assets from intangible assets such as patents and trademarks. Companies must include gains and losses from crypto assets in their net income. Companies currently classify crypto assets such as Bitcoin as indefinite intangible assets, similar to intellectual property such as trademarks.

The FASB aims to release a formal proposal by late March and seek public feedback for 75 days, a spokeswoman said. The board could issue a final rule as early as the fourth quarter of this year, the spokeswoman said.