TaxBit revolutionizes crypto accounting compliance with enterprise reporting following FASB.

TLDR:

• TaxBit introduces FASB Reporting feature for crypto asset accounting compliance.
• The feature aims to simplify and automate disclosure reporting for enterprises.

TaxBit, a leading accounting and tax solution for the digital economy, has launched a FASB Reporting feature aligned with the latest Accounting Standard Update (ASU) 2023-08 issued by the Financial Accounting Standards Board (FASB). This feature is designed to assist enterprises in complying with the updated accounting treatment of crypto assets, ensuring fair value measurement and reporting in each reporting period. Incorporating the FASB reporting feature into TaxBit’s accounting suite provides enterprises with a comprehensive framework for compliance and transparency amid the evolving landscape of digital assets.

The key elements of TaxBit’s FASB Reporting Feature include:

• New disclosure reports aligned with FASB requirements, covering significant holdings, roll forward reporting, and gain/loss details.
• Flexibility in cost basis methodologies, accommodating retroactive cost basis methodology.
• End-to-end accounting support, allowing export or direct posting of FASB fair value adjustments into ERPs.
• Scalable reporting capabilities suitable for enterprises of all sizes.