(How 2025 marks a turning point in the accounting and
taxation of digital assets)
The world's accounting rule-makers are finally aligning
financial reporting with the digital economy.
In the United States, the Financial Accounting Standards Board
(FASB) has issued Accounting Standards Update (ASU) 2023-08,
effective for fiscal years beginning after 15 December 2024. For
most calendar-year entities, 2025 will be the first reporting
period in which crypto assets are measured at fair value, with
changes in fair value recognised in net income.
Across the Atlantic, the International Accounting Standards
Board (IASB) is examining whether IFRS Standards should adopt a
similar approach. The topic features in the IASB's November
2025 Agenda Paper 8B, confirming that crypto-asset measurement is
back on the Board's active work plan. This follows the
February 2025 Agenda Paper 17A, in which stakeholders
overwhelmingly urged the IASB to modernise IAS
38 Intangible Assets,
