FASB ready to tackle crypto, other projects

Following a year in which the FASB has cleared its slate and set itself up for the next wave of standard-setting, attendees at the Conference¹ gained insights into what comes next for the FASB. In his remarks, FASB Chair Rich Jones repeatedly demonstrated how the Board is making good on previous commitments to act on stakeholder feedback, which continues a theme of standard-setting focused on stakeholder feedback discussed by the SEC earlier in the day.

The FASB’s last 12 months has been a whirlwind year of standard-setting and gathering feedback. But the bigger picture is that the FASB has successfully cleared the decks to give it the space and intel necessary to embark on a period of standard-setting that is focused on modern issues that may require a modern solution – crypto is the obvious example.

Kimber Bascom

KPMG Deputy Chief Accountant

Stakeholders have been commenting for a few years that crypto assets are not well-suited to traditional accounting models. The FASB’s first step in response was to issue Subtopic 350-60 in 2023 to require the subsequent measurement of in-scope crypto assets at fair value. In late 2025, the FASB added two additional projects on crypto assets to its technical agenda based on feedback from stakeholders as part of its Invitation to Comment.

The two new projects aim to tackle the economics: one will take on the transfer of crypto assets; the other will address stable coins as cash equivalents.

Initial scope of the FASB’s crypto assets projects

These following projects are a high priority with work already in progress.

The big project: In November, the Board agreed that the initial scope of the project on transfers of crypto assets will be to:

clarify the derecognition guidance for crypto transfer arrangements by addressing the issue of when control of a crypto asset has been transferred; and
expand the scope of Subtopic 350-60 to include wrapped tokens and receipt tokens.

The clarification: In October the Board voted to add a project to its technical agenda to clarify when stable coins may be classified as cash equivalents.

Explore KPMG’s collection of Hot Topics, Crypto and other digital assets.

Every three years, the FASB conducts an Agenda Consultation – Invitation to Comment (ITC); comments on the most recent one closed in June this year. The FASB identified over 70 potential projects from the ITC, and the Board plans to consider each one over the coming year. Beyond that, the FASB issued additional targeted ITCs on intangibles and financial KPIs.

That focused approach is enabling the FASB to take an in-depth look in specific areas at stakeholder needs for decision-useful information balanced by the cost of providing that information.

Intangibles and financial KPIs

Commenting on the financial KPI and intangibles Invitations to Comment, Jones highlighted that the FASB received a tremendous amount of good, but diverse feedback.

As it relates to intangibles, there was general stakeholder agreement on the need for improvement in accounting for intangibles, but opinions were split on how to best achieve it. Some respondents called for a comprehensive overhaul of the existing standards, whereas a larger group advocated for more targeted, incremental improvements to specific areas of the guidance. The Board continues to consider the path forward as it evaluates the extensive feedback received on both projects. However, Jones did indicate that “when you think about it, the standards we don't set are just as important as the ones that we do.”

Read KPMG’s comment letters on intangibles and financial KPIs.

Three post-implementation reviews (PIRs) are providing the FASB more food for thought in setting its future agenda. The PIRs on the revenue and leases standards are closed and the FASB issued its reports to the Financial Accounting Foundation (in November 2024 and November 2025, respectively).

The PIR on the credit impairment standard (CECL) remains open, but the FASB has already acted on stakeholder feedback – with the recently issued ASU on purchased loans.

As Jones noted, the post-implementation review process has dual purposes, both to provide feedback on whether the standard is working as intended and to provide lessons learned from the standard-setting process to take forward. Touching on another key theme from the SEC earlier in the day, Jones emphasized that while the leasing standard met its general objectives, one lesson learned is that the FASB understated the cost of implementation.

The ongoing invitations to comment on KPIs, intangible assets and the agenda more broadly demonstrate the FASB's commitment to setting the Board’s agenda based on stakeholder feedback. The standard-setting process is a critical opportunity for stakeholders, especially preparers, to provide feedback and influence future refinements, helping to ensure standards are both robust and implementable.

Steven Kenney

KPMG Partner, Department of Professional Practice

Last year we encouraged you to respond to the FASB’s Agenda Consultation, considering the FASB's principle objective of achievable standard-setting that focuses on both the needs of investors and operability for preparers. With the FASB likely to tackle some tough projects in 2026, stay engaged and provide your feedback.

And watch out for KPMG’s insights and analysis at KPMG Financial Reporting View (subscribe and visit our Reference Library).

Footnote:

2025 AICPA Conference on Current SEC and PCAOB Developments

KPMG Private

Relevant Results

Navigating the digital frontier: Crypto projects added

Initial scope of the FASB’s crypto assets projects

Deep-dive Invitations to Comment

Intangibles and financial KPIs

The critical role of post-implementation reviews

The way forward

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