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July/August 2023 » FASB Takes on Crypto
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William M VanDenburgh, PhD, and Roger B. Daniels, PhD, and Roxane DeLaurell, PhD
In BriefAccountants, corporate management, and investors would likely all agree that better guidance is needed for the accounting, valuation, disclosure, and reporting of crypto assets. FASB has recognized the growing prevalence and importance of crypto assets and released an exposure draft on the subject earlier this year. But while businesses wait for finalized guidance, entities that rely upon crypto must still issue audited financial statements. This article reviews the potential implications of the exposure draft and examines the existing reporting from three entities materially exposed to the crypto market.
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