For years, businesses and investors had asked the FASB for rules on how to account for and disclose their holdings of bitcoin and other digital assets, and for years the standard-setter had declined to do so, saying investment in crypto wasn’t widespread among companies. In May, however, the FASB added the crypto project to the technical agenda that sets its rule-making priorities.
On Wednesday, the board outlined its criteria for the crypto assets that would be covered by a new rule. The subset of digital assets under the project would include those that are intangible, that is, non-financial assets that lack physical substance, and that don’t carry contractual rights to cash flows or ownership of goods or services. The assets also must be fungible, meaning they are interchangeable and not unique.
The FASB didn’t say which specific crypto assets it would exclude from the project’s scope. However, the criteria indicate that NFTs—digital proofs of purchase for items such as art,...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...