Need to know: FASB proposal on accounting for crypto assets
The Financial Accounting Standards Board (FASB) last month issued a proposed accounting standards update (ASU) to improve accounting and disclosures for certain crypto assets.
FASB received significant feedback during its 2021 agenda consultation that improving accounting and disclosure for crypto assets should be one of its top priorities. Current generally accepted accounting principles (GAAP) do not provide decision-useful information to users of financial statements about the value of crypto assets or the types of assets held.
The board added the project to its technical agenda last May.