What the Board did
At its April 15, 2026 meeting, the FASB unanimously agreed to expand the scope of ASC 350-60 to crypto assets that provide the holder with enforceable rights to receive another crypto asset that is itself within the scope of ASC 350-60 — capturing wrapped tokens and receipt tokens. Under the tentative decision, in-scope wrapped tokens would be measured at fair value like other ASC 350-60 assets, and, if significant, disclosed separately from other significant crypto asset holdings in the tabular disclosure. Derecognition guidance for crypto transfer arrangements remains under deliberation and will be addressed at a future meeting. These decisions are tentative and subject to change until a final ASU is issued.
Tentative board decisions are subject to change at future meetings and do not change current GAAP. Nothing is authoritative until a final Accounting Standards Update is issued.
Codification references
- ASC 350-60-15-1
- ASC 350-60-50-1
Sources
Project context
This action is part of the FASB project Accounting for Transfers of Crypto Assets. Addresses wrapped and receipt tokens — crypto assets conveying a right to receive another crypto asset — and derecognition guidance for crypto transfer arrangements.
Next expected milestone: Derecognition guidance under deliberation; proposed ASU with a 90-day comment period expected; final ASU likely 2027.