FASB crypto accounting rules to exclude NFTs, some stablecoins | NFTs & DeFi 🗓
FASB crypto accounting rules to exclude NFTs, some stablecoins – WSJ
The Financial Accounting Standards Board (FASB) will not include NFTs and some stablecoins in its crypto accounting review, The Wall Street Journal reported on Aug. 31, citing sources. According to the report, the FASB rule will cover digital assets that are intangible, fungible, and don’t carry any contractual rights to cash flow. NFTs will be excluded from the rule because they are nonfungible and sometimes carry rights to underlying goods and services, while some stablecoins are tangible assets. Companies and investors holding digital assets have repeatedly clamored for more clarity on accounting for crypto assets in their portfolios.
