The Federal Accounting Standards Advisory Board (FASAB) issued a technical bulletin on Friday, June 21, to clarify government accounting standards related to seized and forfeited digital assets.
The new guidance clarifies that reporting entities should treat central bank digital currencies as monetary instruments and all other digital assets as nonmonetary property when applying the requirements of Statement of Federal Financial Accounting Standards 3 (SFFAS 3), Accounting for Inventory and Related Property.
The technical bulletin also clarifies guidance for measuring market value and applying SFFAS 3 disclosure requirements for seized and forfeited digital assets. Read more.