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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.

Mike Andrusko

Partner | Digital Assets Practice Leader | CPA

Michael is a Partner at Centri Business Consulting and the leader of the firm’s Digital Asset Practice. He has more than 10 years of experience in the accounting treatment of various transactions, including complex debt and equity...