{"id":2286,"date":"2022-10-20T09:21:57","date_gmt":"2022-10-20T13:21:57","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2286"},"modified":"2022-10-20T09:22:02","modified_gmt":"2022-10-20T13:22:02","slug":"fasb-moves-its-crypto-asset-project-forward","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/fasb-moves-its-crypto-asset-project-forward\/","title":{"rendered":"FASB Moves Its Crypto Asset Project Forward"},"content":{"rendered":"\n<p>When the FASB added&nbsp;<a href=\"https:\/\/fasb.org\/Page\/ProjectPage?metadata=fasb-Accounting-for-and-Disclosure-of-Crypto-Assets\">Accounting for and Disclosure of Crypto Assets<\/a>&nbsp;to its technical agenda, investors, auditors, preparers, regulators and other constituents were glad that the Board would address the complex and challenging accounting issues presented by crypto assets.&nbsp;&nbsp;At its October 12, 2022 meeting, as you can read in this&nbsp;<a href=\"https:\/\/www.fasb.org\/Page\/PageContent?pageId=\/meetings\/pastmeetings\/10-12-22.html&amp;bcpath=tff\">Tentative Board Decisions<\/a>&nbsp;report, the FASB addressed perhaps the most complex issue surrounding crypto assets, measurement basis.&nbsp;<\/p>\n\n\n\n<p>Most believe that crypto assets fall into the current accounting framework for indefinite-lived intangible assets.&nbsp;&nbsp;Many of the FASB\u2019s constituents believe the historical cost with impairment testing approach provided in this model does not communicate the most relevant information about crypto assets.&nbsp;&nbsp;It would appear that the FASB agrees.&nbsp;&nbsp;The Board reached a&nbsp;<strong>tentative<\/strong>&nbsp;conclusion that crypto assets should be carried at fair value with gains and losses included in comprehensive income.&nbsp;&nbsp;Many would agree that this is a much more reasonable and relevant approach for these kinds of volatile assets.<\/p>\n\n\n\n<p>As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the FASB added&nbsp;Accounting for and Disclosure of Crypto Assets&nbsp;to its technical agenda, investors, auditors, preparers, regulators and other constituents were glad that the Board would address the complex and challenging accounting issues presented by crypto assets.&nbsp;&nbsp;At its October 12, 2022 meeting, as you can read in this&nbsp;Tentative Board Decisions&nbsp;report, the FASB addressed perhaps the &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/fasb-moves-its-crypto-asset-project-forward\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">FASB Moves Its Crypto Asset Project Forward<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[143],"tags":[],"coauthors":[154],"class_list":["post-2286","post","type-post","status-publish","format-standard","hentry","category-hot-topic"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2286"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2286\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2286"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}