The AICPA recently updated its digital assets practice aid to assist practitioners with newly effective FASB standards.
The practice aid, Accounting for and Auditing of Digital Assets, includes a new definition for digital assets, new and amended accounting questions, and the introduction of new terms.
The updates address FASB Accounting Standards Update (ASU) No. 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which went into effect Dec. 15, 2024.
The practice aid provides guidance for financial statement preparers and auditors with a fundamental knowledge of blockchain technology. Find it here.