At their Wednesday, October 12, 2022, board meeting, the
Financial Accounting Standards Board (FASB) voted on and
tentatively decided to require entities that hold crypto assets to
measure those assets at fair value as set forth in the guidance in
Topic 820, Fair Value Measurement.
The board meeting was part of a project launched by the FASB in
December 2021 related to the accounting for and disclosures related
to crypto assets as part of their technical agenda. The project was
created in response to feedback received on an invitation to
comment on the issue of crypto assets issued previously by the
standard setting body.
On a related note, in August 2022, the FASB narrowed the scope
of crypto assets covered by this proposed guidance by determining
that the crypto assets held by the entity must meet the following
criteria:
