Finally, as the news was much anticipated, the FASB amended the accounting rules companies must follow when adding Digital assets on their balance sheets.
Standards Board Approves Long-Sought Change in Crypto Accounting RulesUnder current rules, companies have to record cryptocurrency holdings at their original cost and then write them down as an "impairment charge" if the value drops below cost—but cannot mark them up if the price rises. This method has drawn criticism for only reflecting one side of value changes.
The new FASB rules will require companies to account for digital assets at fair market value, capturing frequent price fluctuations. Gains and losses will flow through the income statement.
Having a mark to market pricing approach means the price discovery of the asset is efficient, meaning that the asset class is investable. Current standards actually tried to prevent swings in balance sheets trough a very cautious approach, that on the other hands potentially could lead to swings upon investment unwind.
This new rules is much more informative of the true value of the investment in the balance sheet, making it more transparent to the investor.
New rules will come in effect from 2025, but companies can anticipate the rule in 2024. I think that the below statement from the article more clearly states what you might have been wanting to say in your last sentence.
All public companies and private companies will need to apply the new rules, with an effective date for fiscal years beginning after December 15, 2024. Earlier adoption is permitted.
Essentially public companies have to apply the new rules after December 15, 2024, but they are allowed to adopt and apply the new rules earlier.. which likely means that any public company that holds significant amounts of bitcoin may well already be wanting to apply the new rules to any reports that they make about their companies finances from here on out (because they can and because the new rule is better and more accurate in terms of showing actual value as compared with the old rule).