Monetary Accounting Requirements Board chair Richard Jones mentioned that, over the course of its agenda session course of, stakeholders have communicated {that a} mission to allow or require firms to account for sure digital property at truthful worth must be a “prime precedence.”
Talking at Baruch Faculty’s Monetary Reporting Convention, Jones mentioned that the board has heard these considerations and is at present within the preliminary levels to find out a very good path ahead. Thus far, he mentioned, the board has seen many commonalities between digital property and commodities, which could result in overlap in approaches between the 2. (Jones lately shared his ideas on different features of FASB’s agenda with Accounting At the moment.)
“At present, we’re digital property and commodities as a result of in lots of instances they do have sure issues in widespread: They’re actively traded, they’re considered as exchanges of worth between events, and so they’re usually exchange-traded,” he mentioned.
Jones mentioned that analysis on this matter goes to be introduced earlier than the board this month. Specifically, given the commonalities with commodity property, FASB will contemplate whether or not there’s sufficient overlap past digital property the place it might make sense to have a single accounting mannequin, and if that’s the case, what that mannequin would possibly appear like.
The FASB can be engaged in analysis associated to environmental, social, and governance (ESG)-related transactions and authorities grants. Jones additionally mentioned he expects a remaining normal on disclosures of provider finance packages within the close to future and a proposed normal on section reporting within the third quarter. He added that the mission on intangibles and goodwill continues to proceed apace and that FASB plans to quickly meet with the IASB to debate the matter additional.