Digital asset use cases and offerings continue to evolve and proliferate, but there remains little U.S. GAAP that explicitly addresses digital asset accounting. We present our views on the accounting for intangible cryptoassets (a subset of all digital assets) by commercial and nonprofit entities and summarize the guidance that applies to them.
The issues and considerations we identify are not exhaustive, and our views and observations may not reflect the only ones acceptable in practice in this evolving area. Our outlook could change as the practice continues to develop, if the FASB expands or modifies its US GAAP guidance on accounting for crypto intangible assets, or if the SEC staff expresses its views.
We encourage entities to discuss their accounting for cryptographic intangible assets (and other digital assets) and their specific facts and circumstances with their auditors or other accounting advisors.