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AICPA updates practice aid relating to digital assets

ARTICLE | February 13, 2025

Authored by RSM US LLP


The American Institute of Certified Public Accountants (AICPA) has updated its practice aid, Accounting for and Auditing of Digital Assets, in response to the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.

New accounting questions answered in AC Chapter 1: Classification, measurement, and recognition:

  • Q1A: Are “wrapped tokens” in the scope of FASB ASC 350-60?
  • Q1B: Are nonfungible tokens (NFTs) in the scope of FASB ASC 350-60?
  • Q2A: Are transaction costs to acquire crypto intangible assets included in the initial measurement of the acquired asset?
  • Q9A: Are gains and losses from the remeasurement and sale of in-scope crypto intangible assets presented as operating or nonoperating items in the entity’s income statement?

Amendments to accounting questions answered in AC Chapter 1: Classification, measurement, and recognition:

  • Q1: How should an entity that does not apply specialized industry guidance account for purchases of digital assets for cash?
  • Q8: When selling a portion of an entity’s crypto intangible asset holdings, how should an entity determine the cost basis and carrying value of the units sold?

New terms that have been added to the AICPA Blockchain Universal Glossary include digital asset, crypto intangible asset, in-scope crypto intangible asset and out-of-scope crypto intangible asset.

The updated practice aid also includes references to Staff Accounting Bulletin (SAB) No. 122 which rescinded SAB No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users, effective January 30, 2025.

Readers can refer to the AICPA press release for more information.

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    • Source: RSM US LLP.
    Reprinted with permission from RSM US LLP.
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