FASB Greenlights New Guidelines on Crypto
On September 6th, 2023, the U.S. Financial Accounting Standards Board (FASB), the governing body for US GAAP accounting standards, greenlit advanced guidelines on crypto asset accounting to bolster clarity on crypto transactions. With FASB's approval, final drafting of the Accounting Standards Update (ASU) is underway. Expected to be available by Q4 2023, businesses can adopt it right away, but it becomes mandatory only from December 15, 2024 onward.
