A new tool from digital asset accounting solutions provider
Under the
TaxBit noted that Guidance in
TaxBit's new Principal Market Analysis (PMA) support tool offers comprehensive coverage of assets and exchanges, leveraging TaxBit's own pricing data. It also empowers companies to enact policy elections for how their Principal Market is determined; companies can select the time frame, assets, exchanges, and types of trading activities that are relevant to them. It also integrates with existing accounting workflows, allowing users to select principal markets, override default prices, and export results with a few clicks.
"Under the new fair value framework, companies need a solution that provides accurate pricing and quantifiable evidence supporting where the price is coming from in an audit-ready manner. TaxBit's new PMA feature does just that and empowers companies to know the most appropriate pricing source for their portfolio. This tool revolutionizes how businesses handle fair value accounting, making it more efficient and accurate," said Aaron Jacob, vice president of accounting solutions at TaxBit.
Jacob, around when the standard was first approved, noted that TaxBit already worked with the new rules, as they had been working directly with the FASB throughout the entire standard-setting process, which allowed them know what they would need to change. Jacob at the time said that TaxBit has already supported fair value measurements, with pricing tied to the principal market, but it now includes the new disclosure requirements. Jacob, a former member of the FASB staff, said the company plans further improvements in the future, and named "specific fair value adjustment workflows" as one example.