The Financial Accounting Standards Board (“FASB”) recently held a meeting on accounting standard for digital assets. As a result, on October 12, 2022, the FASB announced that they will now require crypto assets to be measured at fair value, as per ASC820. This is a major change for companies that report under Generally Accepted Accounting Principles (“GAAP”). The updated accounting rules still need to be written and approved, but the change is expected to take effect within 6 months.
