ChainCatcher News, the proposed accounting standards update from the Financial Accounting Standards Board (FASB) regarding the accounting and disclosure of crypto assets suggests treating crypto assets more like traditional assets, which will improve the accuracy of valuations.Currently, Generally Accepted Accounting Principles (GAAP) require companies to classify held cryptocurrencies on the balance sheet as "indefinite-lived intangible assets." Under the current GAAP, crypto assets undergo impairment testing annually. (Source link)

ChainCatcher News, the Financial Accounting Standards Board (FASB) decided in its meeting on February 1 to release the first exposure draft on cryptocurrency and digital asset standards in late March. After the draft is published, the public will have 75 days to provide feedback on the proposal.FASB Chairman Rich Jones previously stated that the board believes the term "digital assets" is too broad, so the draft may specifically establish clear accounting and disclosure rules for companies holding Bitcoin and other cryptocurrency assets. (Source link)

ChainCatcher news, according to the Wall Street Journal, the Financial Accounting Standards Board (FASB) plans to finalize several key accounting rules next year, including requiring companies to disclose more details about their cryptocurrency holdings and to list certain expenses on the income statement. In addition, FASB is committed to establishing clear accounting and disclosure rules for companies holding Bitcoin and other crypto assets. The proposed cryptocurrency-related rules are expected to be released in the first half of 2023 and will affect a small number of companies, as only a few non-crypto businesses hold cryptocurrencies. (Source link)