June 6, 2023
Ms. Hillary H. Salo
Technical Director
Financial Accounting Standards Board
801 Main Avenue
P.O. Box 5116
Norwalk, Connecticut 06856-5116
Sent via email to [email protected] [File Reference No. 2023-ED200]
RE: Proposed Accounting Standards Update, Intangibles — Goodwill and Other —
Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
Dear Ms. Salo:
The Virginia Society of CPAs (VSCPA) Accounting & Auditing Advisory Committee has reviewed the Exposure Draft — Proposed Accounting Standards Update, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (ED), issued by the Financial Accounting Standards Board (FASB). The VSCPA is the leading professional association in Virginia dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. The VSCPA membership consists of nearly 13,000 individual members who actively work in public accounting, private industry, government, and education.
The VSCPA Committee supports the FASB’s objective to improve the accounting and disclosure of certain crypto assets. The proposal to measure certain crypto assets at fair value would provide stakeholders with more decision-useful information and reduce the complexity of accounting for these assets under the existing requirements for indefinite-lived intangible assets, i.e., current cost -less-impairment accounting model.
The Committee is generally in agreement with the ED. We have provided comments on the following questions for respondents: 6, 7, 9, 15, and 18 in the attached Appendix. For the other questions, the Committee agrees with FASB’s proposed guidance and rationale as discussed in the Background Information and Basis for Conclusions in the ED and has no substantive comments.
The VSCPA appreciates the opportunity to respond to this ED. Please direct any questions or concerns to VSCPA Vice President, Advocacy Emily Walker, CAE, at [email protected] or (804) 612- 9428.
Sincerely,
Zach Borgerding, CPA
Chair
2023-2024 VSCPA Accounting & Auditing Advisory Committee
VSCPA Accounting & Auditing Advisory Committee 2023-2024
Zach Borgerding, CPA — Chair
Michael Phillips, CPA — Vice Chair
David Allen, CPA
Scott Davis, CPA
Obed Irfan, CPA
Joshua Keene, CPA
Nick Kinsler, CPA
Daniel Martin, CPA
Brian Minor, CPA
Elisa Obillo, CPA
Krisia Raya, CPA
Charles Valadez, CPA
Natalya Yashina, CPA