A PDF version of this publication is attached here: Crypto assets guide - February 2023 (PDF 1.4mb)
PwC is pleased to offer our updated accounting and financial reporting Crypto assets guide. This guide discusses the relevant accounting and reporting considerations related to crypto assets.
This guide summarizes the applicable accounting literature, including relevant references to and excerpts from the FASB’s Accounting Standards Codification. It also provides our insights and perspectives, interpretative and application guidance, illustrative examples, and discussion on emerging practice issues.
This guide should be used in combination with a thorough analysis of the relevant facts and circumstances, review of the authoritative accounting literature, and appropriate professional and technical advice.
References to US GAAP
Definitions, full paragraphs, and excerpts from the FASB’s Accounting Standards Codification are clearly labelled. In some instances, guidance was cited with minor editorial modification to flow in the context of the PwC Guide. The remaining text is PwC’s original content.
References to other PwC guidance
This guide provides general and specific references to chapters in other PwC guides to assist users in finding other relevant information. References to other guides are indicated by the applicable guide abbreviation followed by the specific section number. The other PwC guides referred to in this guide, including their abbreviations, are:
  • Derivatives and hedging (DH)
  • Fair value measurements (FV)
  • Financial statement presentation (FSP)
  • Not-for-profit entities (NP)
  • Property, plant, equipment and other assets (PPE)
  • Revenue from contracts with customers (RR)

Summary of significant changes
The following is a summary of recent noteworthy revisions to the guide. Additional updates may be made to future versions to keep pace with significant developments.
Revisions made in February 2023
Chapter 3: Crypto transactions
  • CA 3.4 was revised to incorporate the AICPA’s updated guidance on the accounting for crypto asset lending in Question 25 of the AICPA’s Practice Aid, Accounting for and auditing of digital assets (“Digital Assets Practice Aid”).

Chapter 5: Disclosure of crypto assets
  • CA 5.1 was updated to include additional disclosure considerations outside of the financial statements for SEC registrants based on the SEC’s Sample Letter to Companies Regarding Recent Developments in Crypto Asset Markets.
  • CA 5.3 was added to address disclosure matters related to crypto asset lending based on the updated AICPA Digital Assets Practice Aid.

Revisions made in November 2022
Chapter 1: Introduction
  • An ongoing standard setting note related to the FASB’s active project on the accounting for and disclosure of crypto assets was added to CA 1.1.

Chapter 3: Crypto transactions
  • CA 3.7.4 was updated to include a discussion of the deferred tax accounting considerations related to the Staff Accounting Bulletin No. 121 (SAB 121) safeguarding liability and corresponding asset.

Chapter 4: Fair value of crypto assets
  • CA 4.1.2 was enhanced to address the impact of restrictions on the sale or transferability of crypto assets on fair value.

Chapter 5: Disclosure of crypto assets
  • Question CA 5-2 (relating to the presentation of the crypto asset safeguarding liability and corresponding asset within the income statement) and Question CA 5-4 (relating to the classification of the crypto asset safeguarding liability and corresponding asset within the fair value leveling hierarchy) were added to CA 5.2.

Revisions made in May 2022
Chapter 3: Crypto transactions
  • CA 3.7 was added to address the accounting for obligations to safeguard crypto assets based on SAB 121 released by the SEC staff.
  • The guidance formerly included in CA 3.1.2 was moved to CA 3.7.

Chapter 5: Disclosure of crypto assets
  • CA 5.2 was added to address presentation and disclosure matters related to SAB 121.

This publication has been prepared for general informational purposes, and does not constitute professional advice on facts and circumstances specific to any person or entity. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. The information contained in this publication was not intended or written to be used, and cannot be used, for purposes of avoiding penalties or sanctions imposed by any government or other regulatory body. PricewaterhouseCoopers LLP, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication. Certain aspects of this publication may be superseded as new guidance or interpretations emerge. Financial statement preparers and other users of this publication are therefore cautioned to stay abreast of and carefully evaluate subsequent authoritative and interpretative guidance.
The FASB material is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, CT 06856, and is reproduced with permission.
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