According to a report by CoinDesk, the Financial Accounting Standards Board (FASB) of the United States issued a guideline update on Wednesday (13th), allowing companies to recognize the “fair value” changes of the cryptocurrencies they hold. FASB is the body that detailed how companies should report assets on their balance sheets. This latest move will benefit companies that hold cryptocurrencies on their balance sheets, such as MicroStrategy. Under current guidelines, if the value of the cryptocurrencies held by a company is lower than the purchase price, even if the company does not sell the assets, it must report a loss. According to the new rules, companies must report the fair value, cost basis, and type of assets held. The updated document stated that stakeholders who provided feedback to FASB indicated that the current guidance did not provide useful information for investors or other parties. The document mentioned that the new rules received unanimous approval from the board and will take effect after December 15, 2024. MicroStrategy founder Michael Saylor previously stated on the X platform that this move will make it easier for companies to adopt Bitcoin as a financial asset, reiterating this point after the FASB guidelines were released on Wednesday. Former Meta cryptocurrency and digital finance head, and founder of Bitcoin Lightning Network development company Lightspark, David Marcus commented that this move is a significant step forward, removing a major obstacle for companies holding Bitcoin on their balance sheets, making 2024 a milestone year for Bitcoin.