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Accounting for crypto intangible assets by investment companies

Issues in depth | June 2024

Accounting, presentation and disclosure requirements for crypto intangible assets by investment companies.

Crypto intangible assets like bitcoin and ether are accounted for by investment companies as ‘other investments’ under ASC 946-325. The FASB’s new crypto asset guidance, ASC 350-60, gives rise to additional presentation and disclosure considerations. Our Issues In-Depth explains.


  • Investment companies subject to ASC 946 that invest in crypto intangible assets like bitcoin and ether.

Key Impacts:

Digital asset use cases and offerings continue to evolve and proliferate, but there remains only limited US GAAP that explicitly addresses the accounting for digital assets. In this publication, we provide our perspectives on accounting for crypto intangible assets (a subset of all digital assets) by investment companies.

The issues and considerations we identify herein are not exhaustive, and our views and observations may not reflect the only acceptable views in practice in this evolving area. Our perspectives may change as practice continues to develop, if the FASB expands on or amends its US GAAP guidance on the accounting for crypto intangible assets, or if the SEC staff expresses new or amended views.

We encourage investment companies to discuss their accounting for crypto intangible assets, as well as other digital assets, and their specific facts and circumstances with their auditors or other accounting advisors. 

Report contents

  • In a snapshot
  • What is a ‘crypto intangible asset’?
  • Scope
  • When you buy or otherwise acquire
  • While you hold a crypto intangible asset
  • When you sell or otherwise transfer
  • Financial statement presentation
  • Disclosures
  • Effective date and transition for ASC 350-60 

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Accounting for crypto assets

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Scott Muir
Partner, Dept. of Professional Practice, KPMG US
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Eric Goldberg
Partner, Dept. of Professional Practice, KPMG US

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