The FASB has added a project to its technical agenda focused on the accounting for cryptocurrency asset transfers. The initiative aims to expand the existing 2023 standard on crypto assets to include wrapped tokens and receipt tokens, while also clarifying derecognition guidance for crypto transfers. Stakeholders have expressed concerns about unresolved accounting challenges that lead to inconsistencies in financial statements. Richard Jones, FASB chair, emphasized the need for caution, stating: “I do want to be careful . . . if we get too targeted, we’re going to be opening on every single business model out there.” The International Accounting Standards Board is also considering a similar project on crypto assets.
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