The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) to strengthen the accounting and disclosure of certain cryptocurrencies. The new standards aim to provide investors with more relevant information about a company’s financial position and reduce the costs and complexities associated with current accounting practices. The amendments require companies to measure cryptocurrency assets at fair value each reporting period and recognize changes in net income. Key holdings, contractual sales restrictions and changes during the reporting period must also be disclosed. The ASU applies to all assets that meet certain criteria, including being created or residing on a distributed ledger based on blockchain or similar technology, being fungible, and not being created or issued by a reporting entity or related party.