The updated terms have been published in the AICPA Blockchain Universal Glossary. Credit: Song_about_summer/Shutterstock.

The American Institute of CPA (AICPA) has revised its guide, the Practice Aid, Accounting for and Auditing of Digital Assets, to align with the latest Financial Accounting Standards Board (FASB) updates on digital assets.  

The updated practice aid now includes a new definition for digital assets, addresses fresh accounting queries, and introduces new terms, reflecting changes from the FASB’s recent Accounting Standards Update (ASU) No. 2023-08.  

The guide is tailored for users with an understanding of blockchain technology and is based on US GAAP and GAAS for non-governmental entities. 

Among the key questions addressed in the practice aid are the inclusion of “wrapped tokens” and nonfungible tokens (NFTs) within the scope of FASB ASC 350-60.  

It also clarifies whether transaction costs for acquiring crypto intangible assets should be factored into the initial measurement and how gains and losses from remeasurement and sale should be presented in income statements. 

With the entire practice aid now updated to reflect new terminology, these terms have also been published in the AICPA Blockchain Universal Glossary.  

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AICPA and CIMA senior manager of emerging assurance technologies Di Krupica said: “Digital assets is still a rapidly changing and growing area of practice, and also a great area of opportunity for accounting professionals. 

“The January 2025 updates to the Digital Assets Practice Aid will help professionals stay informed of current, timely updates from the FASB, which we consider of utmost importance. The new content provides key answers to new accounting questions stemming from the professional community, and future updates will continue to push out the most relevant information as it’s available.” 

This update follows a AICPA and CIMA Economic Outlook Survey from 2024, indicating increased optimism among US business leaders post-presidential election.