Important points
- The US Financial Accounting Standards Board (FASB) is considering including the transfer of crypto assets on its agenda.
- Current crypto-asset derecognition practices lack formal accounting rules, creating gaps in financial reporting.
Bloomberg reported today that the U.S. Financial Accounting Standards Board (FASB) is considering whether to formalize accounting rules for crypto asset transfers.
The FASB is considering adding transfers of crypto assets to its formal agenda to address gaps in current derecognition practices. Discussions focus on expanding the 2023 Cryptocurrency Accounting Framework to include transfer-specific guidance to improve financial transparency.
This potential addition would expand the FASB’s existing virtual currency-related financial reporting guidelines. The guidelines were established by the standard-setting body in 2023 to provide clearer accounting treatment for digital assets.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
