Crypto Transfers Under Accounting Microscope in New US Project
Companies are poised to gain further clarity on how to report certain crypto asset transfers in their financial reports.
The Financial Accounting Standards Board voted Wednesday to add a cryptocurrency project to its technical agenda focused on expanding the scope of its landmark digital asset standard and clarifying derecognition guidance, or rules regarding the removal of assets from the balance sheet. The move follows public input noting varied financial reporting that isn’t always intuitive in the absence of clearer standards.
FASB added a project in late October to address another opaque area of guidance: whether certain digital assets like stablecoins …
