Cryptographic assets (crypto assets) are transferable digital representations that are designed in a way that prohibits their copying or duplication. The technology that facilitates the transfer of crypto assets is referred to as blockchain or distributed ledger technology. Blockchain is a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network and enables the encryption of information.
Crypto assets come in a variety of forms, and new crypto assets (sometimes referred to as digital tokens or digital assets) continue to be created. These assets may function as a medium of exchange, provide a right to use a product or service, provide rights to an underlying asset, provide voting rights, or provide rights to profits and losses among others.
Note about ongoing standard setting
The FASB has an active project related to the accounting for and disclosure of crypto assets. Specifically, the project considers measuring certain crypto assets at fair value in accordance with ASC 820, Fair Value Measurement. Financial statement preparers and other users of this publication are therefore encouraged to monitor the status of the project, and if finalized, evaluate the effective date of the new guidance and the accounting implications.
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