US Financial Accounting Standards Board releases proposed accounting standards update on crypto asset accounting and disclosures

ChainCatcher news, the U.S. Financial Accounting Standards Board’s (FASB) proposed accounting standard update on crypto-asset accounting and disclosure proposes to treat crypto-assets more like traditional assets and will improve the accuracy of valuations.

Currently, generally accepted accounting principles (GAAP) require companies to treat cryptocurrency holdings as “indefinite-lived intangible assets” on their balance sheets. Under current GAAP, cryptoassets are tested for impairment annually. (Source link)