FASB is already in play. The value of their assets in the Q1 reporting is not tracked based on their cost basis. It’s a snapshot of the value of the assets at the beginning of the quarter vs the value if the assets at the end of the quarter.
Discussion
This isn’t accurate but I’m not gonna say more about stupid fiat accounting things.
Their adoption of the new FASB rules at the beginning of this year is public knowledge. What they earning reporting will show is their bitcoin’s fair value from January 1 to March 31 2025 for Q1, adjusted for any intra-quarter purchases. Their total cost basis is not directly used to calculate their quarterly earnings, also public knowledge.