BIT Mining Accounting Policy for Cryptocurrency Assets Fails to Meet FASB Standards
By Denny Jacob
BIT Mining Ltd. on Friday said its board's audit committee determined that its accounting policy for cryptocurrency assets wasn't in compliance with applicable guidance under Financial Accounting Standards Board.
The cryptocurrency mining company said its accounting policy error wasn't material to previously issued financial statements. BIT Mining said it intends to correct the error and that relevant revisions will be reflected in its forthcoming annual report.
BIT Mining said it has historically calculated the impairment of cryptocurrency assets on a daily basis using the spot price at a standard cutoff time, which it determined wasn't compliant with the FASB standards.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
April 14, 2023 16:46 ET (20:46 GMT)
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