the Financial Accounting Standards Board (FASB) of the United States is in the process of developing transparent accounting rules for digital assets and revealed which assets will be included in the corresponding proposal. For now, NFTs and some stablecoins will remain outside its scope.
After being asked for several years by companies and investors to take a position on how to account for crypto assets, the organization added this project to its priority schedule last May. And on Wednesday, the FASB revealed which assets will be covered by the upcoming rules, the Wall Street Journal reported.
While major crypto assets such as Bitcoin (BTC) and Ethereum (ETH) are already included in the project, accounting for NFTs and some (unspecified) stablecoins will likely continue to pose challenges for investing companies. in these assets. To date, these investments have primarily been accounted for on the basis of indefinite-lived intangible assets, similar to website domains and trademarks, with the use of non-binding guidelines issued by theAssociation of International Certified Professional Accountants (AICPA).
The FASB plans to finalize its initial discussions on the crypto project by the end of the year, when the industry body’s board of directors could vote on whether to publish a proposal, according to a spokeswoman. organisation.
Susan Cosper, a member of the FASB board, defended the decision to exclude NFTs, saying they could slow the project’s completion. According to her, “it is not a pervasive or significant problem at this stage” and “it is certainly a subject that we can focus on later if necessary.”
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