Impact of FASB measuring crypto assets at fair value
The Financial Accounting Standards Board (FASB) tentatively decided at its Oct. 12 meeting to require crypto assets that are in scope to be measured at fair value. The requirement would apply to both public and private companies.
FASB added a project on accounting for digital assets to its technical agenda in May. In August, it decided to limit the scope of the project to fungible digital assets accounted for as intangible assets under current U.S. generally accepted accounting principles (GAAP). The board changed the project’s name to “Accounting for and Disclosure of Crypto Assets” and decided it would apply to all entities, including broker-dealers and investment companies that apply industry-specific GAAP.
The board received input from more than 400 commenters supporting fair value measurement in its invitation to comment.