Proposed ASU, Accounting for and Disclosure of Crypto Assets, would create Subtopic 350-60 (crypto assets), specifying new accounting, presentation and disclosure requirements for crypto assets within its scope (e.g. bitcoin and ether).
Scope of proposed Subtopic
Measurement of in-scope crypto assets
Presentation
These requirements would apply equally to public and private entities, with the exception of investment companies subject to ASC 946 and not-for-profit entities subject to ASC 958, which would continue to present their financial statements in accordance with those Topics.
Disclosure
The following disclosure requirements would apply equally to public and private entities, and also to those entities that follow industry-specific guidance (e.g. ASC 946) to the extent not otherwise required:
* These disclosures would be required in both interim and annual financial statements.
Transition and effective dates
The Board will redeliberate the proposed ASU based on comment letter feedback it receives.
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