What are the reporting requirements for digital assets under FASB asset definition?

3 answers

• May 01, 2022 · 3 years ago
  As per the FASB asset definition, reporting requirements for digital assets depend on their classification. For digital assets classified as intangible assets, they should be reported at cost and evaluated for impairment. On the other hand, digital assets classified as financial instruments should be reported at fair value with changes in fair value recognized in the income statement. The reports should include relevant information such as the nature of the digital asset, its carrying amount, any impairment losses, and changes in fair value.
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• May 01, 2022 · 3 years ago
  When it comes to reporting digital assets under FASB, it's essential to understand their classification. If a digital asset is considered an intangible asset, it should be reported at cost and assessed for impairment regularly. However, if it's classified as a financial instrument, it should be reported at fair value, and any changes in fair value should be recognized in the income statement. The reports should provide details about the digital asset, its carrying amount, impairment losses, and fair value adjustments.
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• May 01, 2022 · 3 years ago
  Reporting requirements for digital assets under the FASB asset definition vary based on their classification. Intangible digital assets should be reported at cost and assessed for impairment, while financial instruments should be reported at fair value with changes in fair value recognized in the income statement. The reports should include information about the digital asset's nature, carrying amount, impairment losses, and fair value changes. At BYDFi, we ensure compliance with these reporting requirements to provide transparent and accurate information to our stakeholders.
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