As of May 19, 2022, the FASB updated its agenda item “Accounting for and Disclosure of Digital Assets.” With the use of digital currency increasing, proponents argue that inconsistent accounting practices are becoming a problem. As the digital currency Bitcoin becomes more of a household name, the FASB is considering whether it needs to develop accounting guidance for digital currencies. Bitcoin is the biggest name in the digital currency business, but there are other competitors in the market such as Ethererum and Ripple. Companies such as Microsoft Corp., Dell Inc., and Overstock.com are accepting digital currency as payment. In addition to a form of payment, digital currency is also held as an asset by businesses, which can sell the currency when its value goes up. Using appropriate resources, identify any progress that FASB has made on this topic. Consider the auditing challenges with any new guidance provided by the FASB.