Proposed Guidance on Crypto Assets from FASB

Apr 24, 2023, 3:23 PM

(from NACUBO) The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Crypto assets that meet proposed requirements would be marked to fair value, with changes in fair value recognized in net income. Transaction costs, such as commissions and other related fees, would be recognized as an expense when incurred. Crypto assets also would be presented separately from other intangible assets, and fair value changes would be shown separately from changes in the carrying value of other intangible assets. FASB is accepting comments on this proposed ASU until June 6.