FASB is developing new accounting standards for crypto assets, which may no longer be classified as intangible assets

ChainCatcher news, the Financial Accounting Standards Board (FASB) is developing new accounting standards for crypto assets. FASB stated that the existing accounting treatment of cryptocurrencies as indefinite intangible assets fails to provide investors with the information needed for decision-making purposes. FASB mentioned that when the market price of crypto assets held by a company is lower than the purchase price, an impairment loss should be recognized, and if the market price is higher than the purchase price, gains can only be recognized upon sale. (Source link)