New Developments in Accounting Standards for Crypto Assets
Honors Capstone Project
1
Advisor(s)
Jill Cadotte
Confirmation
1
Document Type
Paper
Location
Dean's Heritage Room
Start Date
16-4-2024 2:15 PM
End Date
16-4-2024 5:45 PM
Abstract
This paper analyzes a particular Accounting Standards Update (ASU) that the Financial Accounting Standards Board (FASB) released concerning cryptocurrency. More specifically, this Accounting Standards Update is a modification of Subtopic 350-60: Accounting For And Disclosure of Crypto Assets. Cryptocurrency is a subject that is still ever-changing regarding its regulatory requirements. It is important to stay up to date on the most recent information. This paper provides background regarding the cryptocurrency industry. Additionally, this research demonstrates how this Accounting Standards Update has changed the accounting and disclosure requirements for these assets on two different levels: from a private and public firm perspective. An analysis of benefits and detriments to these firms is provided and an assessment on the effectiveness of the ASU to address current challenges related to cryptocurrency is demonstrated as well.
Recommended Citation
Wilkins, Becky, "New Developments in Accounting Standards for Crypto Assets" (2024). ONU Student Research Colloquium. 13.
https://digitalcommons.onu.edu/student_research_colloquium/2024/papers/13
Level of Access
Open Access
Open Access
Available to all.
New Developments in Accounting Standards for Crypto Assets
Dean's Heritage Room
This paper analyzes a particular Accounting Standards Update (ASU) that the Financial Accounting Standards Board (FASB) released concerning cryptocurrency. More specifically, this Accounting Standards Update is a modification of Subtopic 350-60: Accounting For And Disclosure of Crypto Assets. Cryptocurrency is a subject that is still ever-changing regarding its regulatory requirements. It is important to stay up to date on the most recent information. This paper provides background regarding the cryptocurrency industry. Additionally, this research demonstrates how this Accounting Standards Update has changed the accounting and disclosure requirements for these assets on two different levels: from a private and public firm perspective. An analysis of benefits and detriments to these firms is provided and an assessment on the effectiveness of the ASU to address current challenges related to cryptocurrency is demonstrated as well.