Will the FASB finalize new accounting rules on crypto assets?

The FASB on Sept. 6, 2023, unanimously voted to finalize proposed accounting rules on crypto assets—one of the board’s quickest decisions recently on a significant topic, coming just five months after issuance for public comment. Already, the decisions are being touted as a win by the crypto sector which pressed for the rules for years.

How does the ASU change accounting for crypto assets?

The amendments in the ASU 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.

What does FASB stand for?

By PJ Theisen, Audit & Assurance Partner, Deloitte & Touche LLP The Financial Accounting Standards Board (FASB) has finalized new guidance that will transform GAAP accounting for certain crypto assets.