California CPAs push for cypto accounting clarity

A 'lack of guidance' from the U.S. GAAP accounting standards protocol has led the California Society of CPAs to ask for accounting clarity from the governing body. Specifically, the various ways of listing tokens between such labels as 'working capital' or 'commodity' has increased confusion in the field. With the increased prevalence of crypto in financial markets, the CPA society believes new standards need to be developed and implemented.