Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.
Wednesday, August 31, 2022 FASB Board Meeting
Agenda Prioritization. The Board discussed the results of staff research and analysis on an agenda request that highlights a perceived lack of certain disclosures related to the use of bank credit and services.
The Board decided not to add a project to its technical agenda.
Accounting for and Disclosure of Crypto Assets (formerly Accounting for and Disclosure of Digital Assets). The Board discussed the scope criteria for the project. The Board decided that crypto assets that are held by an entity must meet the following criteria to be within the project’s scope:
- Meet the definition of intangible asset as defined in the Codification Master Glossary
- Do not provide the asset holder with enforceable rights to, or claims on, underlying goods, services, or other assets
- Are created or reside on a distributed ledger or “blockchain”
- Are secured through cryptography
- Are fungible.
The Board will consider potential measurement alternatives for crypto assets at a future Board meeting.