Call for FASB to provide crypto accounting guidance
Hot Topic | February 2022
Investors, preparers and practitioners suggest fair value measurement and other changes to US GAAP for crypto assets.
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FASB’s Invitation to Comment (ITC) agenda consultation process received more than 500 responses requesting guidance concerning accounting for crypto assets.
Applicability
- Companies with, or contemplating, investments in crypto assets.
Key impacts
- Respondents to the FASB’s agenda consultation process called for urgent action to account for certain crypto assets, like bitcoin and ether, at fair value on a recurring basis with changes in earnings.
- Respondents cited other proposed changes that could be addressed in future phase(s).
Report contents
- Introduction and background
- Snapshot
- ITC comments – while you hold a crypto intangible assets
- ITC comments on prioritization
- Other ITC comments on crypto asset accounting
- ITC comments – digital assets other than crypto assets
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Accounting and reporting for crypto intangible assets
Accounting, presentation and disclosure for crypto intangible assets both in and out of scope of ASC 350-60.
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Scott Muir
Partner, Dept. of Professional Practice, KPMG US
Chase Stobbe
Partner, Dept. of Professional Practice, KPMG US
Scott Muir
Partner, Dept. of Professional Practice, KPMG US
Chase Stobbe
Partner, Dept. of Professional Practice, KPMG US