In this comment letter, the CAQ provides views to the FASB related to its proposed accounting standard update, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.
The CAQ supports the Proposed ASU as an initial step to improve the accounting for crypto assets that fall within the scope of the proposal (in-scope crypto assets). Specifically, we believe that the Proposed ASU is an improvement over the current model for accounting for in-scope crypto assets and that it can provide additional decision-useful information and transparency to financial statement users.
We believe that the financial reporting and disclosure requirements included in the Proposed ASU are auditable and that public company auditors have the requisite skills to audit crypto assets at fair value and related disclosures. We also encourage the Board to continue stakeholder outreach and monitoring to determine whether additional standard setting projects are needed as digital assets continue to evolve and may not fit neatly into the framework set forth in the Proposed ASU.
Read the full comment letter here.