FASB to Explore Accounting for Crypto Transfers — Market Talk
The Financial Accounting Standards Board voted to explore companies' accounting for transfers of cryptocurrency assets including wrapped tokens. The board will add a project to its standard-setting agenda that would cover accounting for crypto lending, which could eventually result in new requirements. The board in October added a project to the agenda to clarify whether certain digital assets may be classified as cash equivalents. The move follows public feedback seeking more crypto standards and a recommendation from a working group President Trump set up to support the crypto industry. The FASB in 2023 set a new requirement for businesses to use fair-value accounting for bitcoin and other crypto assets. That rule excluded nonfungible tokens, or NFTs, and certain stablecoins. ([email protected]; @markgmaurer)