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.