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Companies Seek Further Guidance on Proposed Changes to Crypto Asset Reporting

Kraken, Ernst and Young, and BlockFi are among the companies requesting further guidance on proposed changes to crypto asset reporting by the Financial Accounting Standards Board (FASB). Kraken specifically requested guidance on stablecoins, wrapped tokens, and NFTs.

The proposed amendments would require entities to periodically measure certain crypto assets at fair value and recognize any fair value changes in net income, as well as bolster disclosure requirements. BlockFi and Grayscale Investments have expressed concerns over the definition of "enforceable rights" in the proposed accounting standards for digital assets.

FASB staff will analyze and summarize all comments before presenting them to the board for a final decision, which is expected to be made by the end of the year.

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