FASB approves cryptoassets standard
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FASB voted Wednesday to issue a cryptoassets standard that will require entities to report on fungible crypto holdings using the fair value measurement standard.

After reviewing shareholder feedback received on the exposure draft of Accounting for and disclosure of crypto assets during Wednesday’s meeting, the board voted to issue the final standard with an effective date for fiscal years beginning after Dec. 15, 2024.

The board affirmed that the final standard will require reporting entities to:

The standard will require entities to report the value of qualifying cryptoassets at fair value in accordance with Topic 820, Fair Value Measurement.

Cryptoassets that align with all of the following will fall within the scope of the standard: