Glossary
ASU 2023-08
The US GAAP standard requiring in-scope crypto assets to be measured at fair value with changes recognised in net income.
Before it, crypto was an indefinite-lived intangible: written down on impairment and never written back up, so a balance sheet could carry assets far below their market value. Fair-value measurement fixed that and introduced disclosure including a rollforward by individual asset.
Scope is the subtle part. It applies to fungible assets that are not issued by the reporting entity and confer no rights to other assets — which excludes NFTs, own-issued tokens and many stablecoins, all of which fall back to the older treatment.
Where this comes up
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