Accounting Standards Update · 2023

ASU 2023-08 — Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets

Affects350 Intangibles—Goodwill and Other

The amendments in this Update improve the accounting for and disclosure of crypto assets held that meet all of the following criteria:

1
Meet the definition of intangible asset as defined in the Codification
2
Do not provide the asset holder with enforceable rights to, or claims on, underlying goods, services, or other assets
3
Are created or reside on a distributed ledger based on blockchain or similar technology
4
Are secured through cryptography
5
Are fungible
6
Are not created or issued by the reporting entity or its related parties.

The amendments in the Update address measurement, presentation, disclosure, and transition requirements for holders of crypto assets that meet the criteria.

The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance).

This Accounting Standards Update is the final version of Proposed Accounting Standards Update 2023-ED200—Intangibles–Goodwill and Other: Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which has been deleted.

For more information, see the following:

Accounting Standards Update 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (PDF)

Issued: December 13, 2023

Text as published in the FASB Accounting Standards Codification, Basic View.