FASB Holds February 1 Meeting
February 3, 2023
At its February 1, 2023, meeting, the FASB discussed its projects on the following topics:
- Accounting for and disclosure of crypto assets — The Board tentatively decided that (1) this project’s scope would exclude “crypto assets created or issued by the reporting entity or their related parties” and “assets commonly referred to as ‘wrapped tokens’” and (2) early adoption would be permitted for all entities and “a cumulative-effect adjustment to retained earnings . . . would be recognized as of the beginning of the first annual period” of adoption. The Board directed its staff to draft a proposed ASU for a vote by written ballot.
- Improvements to hedge accounting under ASC 815 — The Board discussed stakeholder feedback on the second phase of its project to improve the hedge accounting requirements in ASC 815. This feedback included responses on the FASB’s June 2021 invitation to comment Agenda Consultation, past comment letters, and agenda requests.
In addition, the Board announced that the global minimum tax imposed under the Pillar
Two rules, as published by the Organisation for Economic Co-operation and
Development, is an alternative minimum tax and that deferred taxes would not be
recognized or adjusted for the effect of global minimum taxes that conform to the
Pillar Two rules.
For more information, see the meeting handout on the FASB’s Web site.