FASB ASC 350-60 is mandatory for fiscal year 2025. IRS Form 1099-DA is live. DAC8 data collection began January 1, 2026. The accounting profession is navigating the most consequential shift in digital asset reporting in its history — right now.
US GAAP · ASC 350-60
FASB ASC 350-60 requires fair value measurement of crypto assets for the first time, effective fiscal years beginning after December 15, 2024. Every public company holding digital assets is implementing this standard now.
→ US GAAP StandardsUS TAX · IRS FORM 1099-DA
IRS Form 1099-DA — the first-ever broker reporting form for digital asset transactions — covers taxable events from January 1, 2025 onward. Forms are due to recipients by February 17, 2026.
→ US Tax ReportingEU TAX · DAC8 · CARF
DAC8 data collection is live as of January 1, 2026 across all EU Member States. CARF reporting obligations apply in 52 countries. The era of invisible crypto activity is over.
→ EU & Global TaxAUDIT · ATTESTATION · PROOF OF RESERVES
The AICPA issued its Criteria for Stablecoin Reporting in March 2025. Proof of Reserves attestations, digital asset audit procedures, and PCAOB guidance are converging into a new professional standard.
→ Audit & Attestation| Date | Event | Status |
|---|---|---|
| Feb 17, 2026 | IRS Form 1099-DA due to recipients | 🔴 Immediate |
| Jan 1, 2026 | DAC8 data collection begins (EU) | 🔴 Active |
| Jan 1, 2026 | CARF reporting obligations live (52 countries) | 🔴 Active |
| FY beginning after Dec 15, 2024 | FASB ASC 350-60 mandatory | 🔴 Active |
| Jan 2025 | AICPA Digital Assets Practice Aid revised | ✅ Effective |
| March 2025 | AICPA Criteria for Stablecoin Reporting issued | ✅ Effective |
| Dec 2023 | FASB ASU 2023-08 issued | ✅ Final |
| Oct 2023 | DAC8 adopted by EU Council | ✅ Final |
| 2027 | First CARF/DAC8 data exchange between tax authorities | 🔵 Upcoming |
| TBD | IASB crypto asset standard (project ongoing) | 🔵 Pending |