BIT Mining ( NYSE: BTCM ) on Friday disclosed that its accounting policy for cryptocurrency assets was not in compliance with FASB standards. The crypto miner concluded that the error was immaterial to its 2021 financial statements. It plans to fix the error and relevant revisions will be published in its 2022 annual report. The error relates to the impairment calculation of crypto assets. BIT Mining ( BTCM ) has been calculating this impairment on a daily basis using a spot price at a standard cutoff time. The firm determined this method was not in compliance with FASB standards, which require the recognition of impairment when carrying value exceeds fair value. Going forward, BIT Mining ( BTCM ) will use the intraday lowest quoted price in calculating the impairment of the crypto assets. Shares of the crypto miner, which ended 14.9% higher on Friday, fell 4.2% after the bell. BIT Mining ( BTCM ) also announced changes to its board.
