TaxBit Elevates Crypto Asset Accounting Compliance with Enterprise Reporting Aligned to Latest FASB Guidance

NEW YORK, Feb. 29, 2024 /PRNewswire/ -- TaxBit, an industry-leading accounting and tax solution for the digital economy, has introduced a FASB Reporting feature into its Accounting Suite. This reporting module supports the latest Accounting Standard Update (ASU) 2023-08 that was issued by the Financial Accounting Standards Board (FASB) and is immediately available for early adoption.

The ASU revisions aim to improve the accounting treatment of in-scope crypto assets to measure and report these assets at fair value in each reporting period. TaxBit's FASB Reporting feature is specifically designed to simplify and automate the new required disclosure reporting associated with this recently issued guidance.

At TaxBit's Future of Crypto Accounting Roundtable event featuring FASB Supervising Project Manager, Nick Cappiello underscored the vital role of accounting in evaluating the true value of crypto assets. He explained, "In assessing the true value of a crypto asset, the crucial consideration lies in the rights it provides – whether to goods, services, or other assets. The essence is not merely possessing something but ensuring enforceable rights. The real significance lies in the latter part of this definition, underscoring the necessity for accounting when a crypto asset grants rights to tangible or intangible assets. Recognizing and accounting for these rights is pivotal for a comprehensive understanding of the asset's worth."

Incorporating the FASB reporting feature into TaxBit's industry-leading accounting suite will allow enterprises to remain compliant, in addition to a seamless user experience. As former FASB and TaxBit's Head of Accounting Solutions, Aaron Jacob, explains, "In embracing the latest FASB guidance, TaxBit is providing enterprises with a robust framework that ensures both compliance and transparency in the ever-evolving landscape of digital assets. This underscores our unwavering dedication to delivering innovative solutions that proactively meet the changing requirements of our clients."

Features of TaxBit's FASB Reporting Feature include:

Support for the New Requirements Disclosure Reports: TaxBit has specifically built new out-of-the-box reports that are aligned with the FASB disclosure requirements. These include significant holdings, roll forward reporting by asset, and extensive gain/loss reporting details and summaries.

Flexible Cost Basis Methodologies: Allows users to run disclosure reports across all cost basis methodologies, including retroactive cost basis methodology – a unique feature favored by high-volume trading customers.

End-to-End Accounting Support: Users can soon export or directly post FASB fair value adjustments into their ERPs, ensuring compliance with upcoming standards for a streamlined and efficient accounting process.

Scalable Reporting: Fully compatible with enterprise-grade infrastructure, providing complex accounting support for transactions scale. Whether you have hundreds of transactions or hundreds of millions of transactions, TaxBit has you covered.

For more information about TaxBit's Accounting Suite please visit www.taxbit.com.

About TaxBit

Designed by CPAs and tax attorneys, TaxBit is the digital economy's leading tax and accounting compliance solution. Our end-to-end platform, tailored for enterprises, financial institutions, and government bodies, streamlines compliance while ensuring accuracy. TaxBit is SOC 1 Type 1, SOC 2 Type 2 attestation and ISO 27001 certified. TaxBit has secured over $235 million from leading global investors, including Tiger Global, Haun Ventures, and PayPal Ventures. TaxBit is headquartered in Draper, Utah, with offices in Salt Lake City, San Francisco, Seattle, New York, and Washington, D.C. For more information, please visit www.taxbit.com.

For media inquiries, please contact: Michelle O'Connor VP of Global Communications and Marketing michelle@taxbit.com

SOURCE TaxBit