The US accounting board is moving forward on its effort to clarify how businesses should report cryptocurrency asset transfers to make it easier for investors to compare financial filings across companies.

The Financial Accounting Standards Board directed staff Wednesday to draft a proposal for public input after reviewing questions from accountants and crypto industry groups on what financial reporting should look like as more digital assets change hands.

Digital assets like Bitcoin can be traded or transferred on crypto networks. Under current rules, companies consider different parts of the accounting rulebook regarding derecognition — the removal of assets from the …