{"id":643772,"date":"2024-10-24T09:02:42","date_gmt":"2024-10-24T13:02:42","guid":{"rendered":"https:\/\/erickimphotography.com\/blog\/?p=643772"},"modified":"2024-10-24T09:04:42","modified_gmt":"2024-10-24T13:04:42","slug":"financial-accounting-standards-board","status":"publish","type":"post","link":"https:\/\/erickimphotography.com\/blog\/2024\/10\/24\/financial-accounting-standards-board\/","title":{"rendered":"Financial Accounting Standards Board"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/fasb.org\/news-and-meetings\/in-the-news\/fasb-issues-standard-to-improve-the-accounting-for-and-disclosure-of-certain-crypto-assets-397718\">FASB Issues Standard to Improve the Accounting for and Disclosure of Certain Crypto Assets<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"http:\/\/FASB.org\">FASB.org<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/fasb.org\/page\/PageContent?pageId=\/projects\/recentlycompleted\/accounting-for-and-disclosure-of-crypto-assets.html\">Official post<\/a><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Norwalk, CT\u00e2\u20ac\u201dDecember 13, 2023\u00e2\u20ac\u201d<\/strong>The Financial Accounting Standards Board (<a href=\"https:\/\/fasb.org\/\">FASB<\/a>) today published an Accounting Standards Update (<a href=\"https:\/\/fasb.org\/page\/ShowPdf?path=ASU+2023-08.pdf&amp;title=ACCOUNTING+STANDARDS+UPDATE+2023-08%E2%80%94Intangibles%E2%80%94Goodwill+and+Other%E2%80%94Crypto+Assets+%28Subtopic+350-60%29%3A+Accounting+for+and+Disclosure+of+Crypto+Assets&amp;acceptedDisclaimer=true&amp;IsIOS=false&amp;Submit=\">ASU<\/a>) intended to improve the accounting for and disclosure of certain crypto assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00e2\u20ac\u0153The new standard responds to feedback from stakeholders of all backgrounds who indicated that improving the accounting for and disclosure of crypto assets should be a top priority for the Board,\u00e2\u20ac\u009d stated FASB Chair&nbsp;<a href=\"https:\/\/fasb.org\/about-us\/board-members\/richard-r-jones-400488\">Richard R. Jones<\/a>. \u00e2\u20ac\u0153It will provide investors and other capital allocators with more relevant information that better reflects the underlying economics of certain crypto assets and an entity\u00e2\u20ac\u2122s financial position while reducing cost and complexity associated with applying current accounting.\u00e2\u20ac\u009d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The amendments in the ASU improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income. The amendments also improve the information provided to investors about an entity\u00e2\u20ac\u2122s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The amendments in the ASU apply to all assets that meet all the following criteria:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Meet the definition of intangible asset as defined in the\u00c2\u00a0<a href=\"https:\/\/asc.fasb.org\/Login\" target=\"_blank\" rel=\"noreferrer noopener\"><em>FASB Accounting Standards Codification<\/em>\u00c2\u00ae<\/a><\/li>\n\n\n\n<li>Do not provide the asset holder with enforceable rights to or claims on underlying goods, services, or other assets<\/li>\n\n\n\n<li>Are created or reside on a distributed ledger based on blockchain or similar technology<\/li>\n\n\n\n<li>Are secured through cryptography<\/li>\n\n\n\n<li>Are fungible<\/li>\n\n\n\n<li>Are not created or issued by the reporting entity or its related parties.<\/li>\n<\/ul>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>FASB Issues Standard to Improve the Accounting for and Disclosure of Certain Crypto Assets FASB.org Official post<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_ek_photo_artist_note":"","_ek_photo_thesis":"","_ek_photo_camera":"","_ek_photo_place":"","_ek_photo_human_moment":"","_ek_photo_sequence":"","_ek_photo_question":"","_ek_photo_canonical_claim":"","_ek_photo_ai_summary":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[17],"tags":[],"class_list":["post-643772","post","type-post","status-publish","format-standard","hentry","category-posts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/643772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/comments?post=643772"}],"version-history":[{"count":4,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/643772\/revisions"}],"predecessor-version":[{"id":643778,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/posts\/643772\/revisions\/643778"}],"wp:attachment":[{"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/media?parent=643772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/categories?post=643772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/erickimphotography.com\/blog\/wp-json\/wp\/v2\/tags?post=643772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}