Centri’s Mike Andrusko Featured in Accounting Today: Accountants on New FASB Crypto Standard: ‘About Time’
Centri’s Mike Andrusko, Partner & Digital Assets Practice Leader, is featured in an Accounting Today article: Accountants on New FASB Crypto Standard: ‘About Time’. Within this article, Mike shares his thoughts on how the Financial Accounting Standards Board’s (FASB) new standard on the measurement and disclosure of cryptocurrencies is a welcome step for digital asset accounting.
The standard’s objective is to improve the accounting for and disclosure of certain crypto assets. It focuses on cryptocurrency, such as bitcoin, but does not include nonfungible tokens.
Mike discussed how the previous cost minus impairment model was time-consuming and manual. He shared that the new standard “will likely make things a little easier for accounting professionals” because it allows for a more automated process.
He also discussed how it can still be unclear which category a digital asset falls into. Because the guidance only applies to cryptocurrency, understanding that categorization is more critical now; however, there is some time to get that answer. FASB recommended the amendments be effective for fiscal years beginning after Dec. 15, 2024, including interim periods within those fiscal years for all entities.
Navigating the complexities of digital asset accounting can be challenging. At Centri, we know how to help digital asset companies adapt to the changing rules. We can partner with you and your advisors to meet these new requirements successfully. Contact us to learn more.
Partner | Fintech and Digital Assets Practice Leader | CPA
Michael is a Partner at Centri Business Consulting and the leader of the firm’s Fintech and Digital Asset Practices. He has more than 10 years of experience in the accounting treatment of various transactions, including complex debt and equity analysis, business combinations and acquisition accounting process integration. View Mike Andrusko's Full Bio
About Centri Business Consulting, LLC
Centri Business Consulting provides the highest quality advisory consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. Centri specializes in financial reporting, internal controls, technical accounting research, valuation, mergers & acquisitions, and tax, CFO and HR advisory services for companies of various sizes and industries. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization the specialized expertise and multilayered skillsets to ensure the project is completed timely and accurately.
Centri’s Capital Conference
The Centri Capital Conference is a one-day event held at Nasdaq on April 22, 2025. This platform will connect investors with executives from presenting companies in various emerging and rapid-growth sectors, including disruptive technology, life sciences, healthcare, and more. The conference will feature industry panels, dynamic speakers, and networking opportunities and will give growth-oriented private and public companies a place to showcase their innovations.
For more details, contact us at capitalconference@centriconsulting.com.
Eight Penn Center
1628 John F Kennedy Boulevard
Suite 500
Philadelphia, PA 19103
530 Seventh Avenue
Suite 2201
New York, NY 10018
4509 Creedmoor Rd
Suite 206
Raleigh, NC 27612
615 Channelside Drive
Suite 207
Tampa, FL 33602
1175 Peachtree St. NE
Suite 1000
Atlanta, GA 30361
50 Milk St.
18th Floor
Boston, MA 02109
1775 Tysons Blvd
Suite 4131
McLean, VA 22102
One Tabor Center
1200 17th St.
Floor 26
Denver, CO 80202
1-855-CENTRI1
virtual@CentriConsulting.com