Crypto assets, a type of virtual currency used in business and trade. The FASB implemented a research project in March 2023y. Part of the project's objectives is to give a clear understanding to accountants for its presentation on the balance sheet. Another objective is to improve the overall accounting model. And third, provide information that is reliable to financial statement users (reference: https://asc.fasb.org/1943274/2147482686).

Questions:

1. What is Crypto assets?
2. What are the issues that FASB's concern?
3. What are your suggestions to overcome the issues?
4. Provide an example to back up your idea?

Answer rating: 100% (QA)

Crypto assets refer to a type of virtual currency that utilizes cryptographic techniques to secure financial transactions control the creation of new units and verify the transfer of assets These digi... View the full answer