“During the FASB’s recent agenda consultation process, stakeholders from all professional backgrounds identified digital assets as a top priority area for the Board to address,” said FASB Chair Richard R. Jones. “We responded to that feedback with the proposed ASU, which would provide investors greater transparency into the fair value of crypto assets held by entities, as well as additional disclosures about the types of crypto assets held and changes in those holdings.”
The amendments in the proposed ASU would improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The proposed amendments also would improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, restrictions, and changes in those holdings.
The amendments would apply to all entities holding crypto assets that meet certain criteria.
Stakeholders are asked to comment by June 6, 2023. The proposed ASU, including information on how to submit comments, is available here.
May 2023
