According to news on December 16, according to The Bitcoin Historian, editor of Bitcoin Magazine, the U.S. Financial Accounting Standards Board’s (FASB) fair value accounting standards for Bitcoin officially came into effect today. Previously, companies could only measure their holdings of Bitcoin assets at historical cost, which could not reflect the growth of their market value. The new standard allows companies to use fair value measurement methods to more accurately reflect the actual value of Bitcoin assets. This change will reduce the accounting barriers for companies to include Bitcoin on their balance sheets. MicroStrategy founder Michael Saylor previously stated that FASB has officially adopted Bitcoin’s fair value accounting rules, which will apply to fiscal years starting after December 15, 2024. This improvement will drive corporate adoption of Bitcoin as a reserve asset.