The Federal Accounting Standards Advisory Board (FASAB) issued an exposure draft focused on seized and forfeited digital assets, the latest regulatory body to add guidance related to digital assets.
The FASAB exposure draft of a proposed technical bulletin, Seized and Forfeited Digital Assets, aims to clarify existing guidance in Statement of Federal Financial Accounting Standards (SFFAS) 3, Accounting for Inventory and Related Property.
The technical bulletin, which is open for public comment through Thursday, April 18, would further clarify that, except for central bank digital currencies, reporting entities should treat digital assets as nonmonetary property when applying the requirements of SFFAS 3.
The bulletin would also provide clarifying guidance for measuring market value and applying SFFAS 3 disclosure requirements for seized and forfeited digital assets. Learn more.