Companies are poised to gain further clarity on how to report certain crypto asset transfers in their financial reports.
The Financial Accounting Standards Board voted Wednesday to add a cryptocurrency project to its technical agenda focused on expanding the scope of its landmark digital asset standard and clarifying derecognition guidance, or rules regarding the removal of assets from the balance sheet. The move follows public input noting varied financial reporting that isn’t always intuitive in the absence of clearer standards.
Investors “would benefit from financial reporting that is more consistent with the economic substance of these transactions,” FASB member Joyce ...