The Financial Accounting Standards Board (FASB), an organization that establishes financial accounting and reporting standards for publicly traded US firms, will undertake an early stage research on developing accounting standards for digital currencies such as bitcoin, Reuters reported.

The FASB plans to discuss the issue at a public meeting and consider adding it to its agenda, a FASB spokesperson told Reuters.

The standard setter’s recent effort in digital currency accounting standards follows a letter from the Chamber of Digital Commerce requesting to address the accounting for digital currencies.

Perianne Boring, founder and CEO of the group, wrote:

“The absence of accounting standards for digital currencies is a mission critical issue for companies seeking to invest and innovate in this exciting technology frontier and may hold back economic growth in the United States. We respectfully request the FASB to consider adding a project addressing the accounting for digital currencies to the FASB’s or EITF’s [Emerging Issues Task Force] standard setting agenda.”

The Australian Accounting Standards Board (AASB) recognized the need for accounting standards for digital currencies last year itself when it released a paper highlighting the lack of clear guidance on digital currencies in the International Financial Reporting Standard (IFRS) and calling for a new standard to deal with digital currencies.

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