The Financial Accounting Standards Board of the United States has issued a proposed accounting standards update on the accounting and disclosure of crypto assets

ChainCatcher News, the proposed accounting standards update from the Financial Accounting Standards Board (FASB) regarding the accounting and disclosure of crypto assets suggests treating crypto assets more like traditional assets, which will improve the accuracy of valuations.

Currently, Generally Accepted Accounting Principles (GAAP) require companies to classify held cryptocurrencies on the balance sheet as "indefinite-lived intangible assets." Under the current GAAP, crypto assets undergo impairment testing annually. (Source link)