FASB Holds December 14 Meeting
December 16, 2022
At its December 14, 2022, meeting, the FASB discussed its projects on the following topics:
- Accounting for and disclosure of crypto assets — The Board discussed the presentation and disclosure of crypto assets in the financial statements and tentatively decided to require entities to (1) “present the aggregate amount of crypto assets . . . separately from other intangible assets that are measured using other measurement bases,” (2) “[p]resent gains and losses on crypto assets . . . in net income and present those gains and losses separately from the income statement effects of other intangible assets,” and (3) “[c]lassify crypto assets received as noncash consideration during the ordinary course of business that are converted nearly immediately into cash as operating cash flows.” The Board will address matters related to scope and transition at a future meeting.
- Stock compensation (ASC 718) — scope guidance related to profits interests awards — The Board added to its technical agenda a project in which it would clarify, by adding new illustrative examples to the Codification, how an entity would apply the scope guidance in ASC 718-10 when determining the appropriate accounting for a profits interest or similar award. The Board directed its staff to draft a proposed ASU for a vote by written ballot.