FASB has published an accounting standards update (ASU) aimed at improving the disclosure of certain fungible cryptoassets.
The amendments in the ASU require entities to measure certain cryptoassets at fair value each reporting period, with changes in fair value recognized in net income.
The amendments also improve the information provided to investors about an entity's cryptoasset holdings by requiring disclosure about significant holdings, contractual sale restrictions and changes during the reporting period.
The amendments are effective for fiscal years beginning after Dec. 15, 2024, including interim periods within those fiscal years. Read more.