FASB Adds to Its Technical Agenda Another Project on the Accounting for Crypto Assets
Background
At its November 19, 2025, meeting, the FASB, in response to feedback received1 on the accounting for crypto assets, decided to add to its technical
agenda the following two crypto-related projects:2
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“Expanding the scope of Subtopic 350-60 to address wrapped tokens and receipt tokens.”
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“Clarifying the derecognition guidance for crypto transfer arrangements to assess whether the control of a crypto asset has been transferred.”3
Regarding project (1), the Board provided the FASB staff with feedback on
“potentially expanding the scope of Subtopic 350-60 by revising criterion (b) in
paragraph 350-60-15-1 to address crypto assets that provide the holder with a
right to receive another crypto asset that otherwise would meet the scope
criteria of Subtopic 350-60.”
The Board also provided the staff with feedback on the following possible
approaches related to project (2):
(a) Potential Alternative A: Codify the crypto lending fact
pattern in the AICPA Digital Assets Practice Aid
(b) Potential Alternative B: Continue to apply the control
guidance in Topic 606 and clarify whether or how the repurchase
guidance (in paragraphs 606-10-55-66 through 55-68) should be
considered in determining whether the control of the crypto assets
has been transferred in a crypto transfer arrangement with a
repurchase or return provision
(c) Potential Alternative C: Develop derecognition criteria
for control assessment specifically for crypto assets.
The Board did not reach any conclusions about these alternatives for project (2)
during the meeting but indicated that it would like the FASB staff to research
Potential Alternative B first, since this alternative would be a
principles-based approach that leverages existing guidance.
Next Steps
The FASB staff will perform additional research and outreach related to the above
topics and discuss them further at a future Board meeting.
Contacts
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Stephen McKinney
Audit & Assurance
Managing
Director
Deloitte &
Touche LLP
+1 203 761 3579
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PJ Theisen
Audit & Assurance
Partner
Deloitte &
Touche LLP
+1 202 220 2824
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Chris Chiriatti
Audit & Assurance
Managing Director
Deloitte & Touche LLP
+1 203 761 3039
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Matt Himmelman
Audit & Assurance
Partner
Deloitte & Touche LLP
+1 714 436 7277
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Kylie Winthrop
Audit & Assurance
Senior Manager
Deloitte & Touche LLP
+1 714 436 7164
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Footnotes
1
Includes feedback received from stakeholder outreach
(including the Board’s January 2025 invitation to comment, Agenda
Consultation) and the recommendations in the
report released by the President’s Working Group on
Digital Asset Markets.
3
Quotes in this publication are from the FASB’s November 19,
2025, Board meeting handout.