Hot Topic | February 2022

 

Insight

Call for FASB to provide crypto accounting guidance

Investors, preparers and practitioners suggest fair value measurement and other changes to US GAAP for crypto assets.

Scott Muir

Scott Muir

Partner, Dept. of Professional Practice, KPMG US

+1 212-909-5073

Chase Stobbe

Chase Stobbe

Managing Director, Dept. of Professional Practice, KPMG US

1-571-695-5868


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

Related content

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