By Denny Jacob
BIT Mining Ltd. on Friday stated its board’s audit committee decided that its accounting coverage for cryptocurrency belongings wasn’t in compliance with relevant steerage beneath Monetary Accounting Requirements Board.
The cryptocurrency mining firm stated its accounting coverage error wasn’t materials to beforehand issued monetary statements. BIT Mining stated it intends to appropriate the error and that related revisions can be mirrored in its forthcoming annual report.
BIT Mining stated it has traditionally calculated the impairment of cryptocurrency belongings every day utilizing the spot worth at a typical cutoff time, which it decided wasn’t compliant with the FASB requirements.
Write to Denny Jacob at denny.jacob@wsj.com