Crypto assets – Accounting and reporting foundations

Oct 7, 2025

Join John Vanosdall, a digital assets expert at PwC with SEC experience, and Beth Paul, a seasoned Deputy Chief Accountant specializing in business combinations, as they dive into the evolving world of crypto assets. They discuss market trends, the SEC's regulatory approach, and key FASB guidance updates affecting financial reporting. The conversation sheds light on classification challenges, fair value measurement, and disclosure requirements, providing valuable insights for navigating the complex landscape of crypto accounting.

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INSIGHT

FASB Changed Subsequent Measurement

ASU 2023-08 (ASC 350-60) requires certain in-scope crypto to be measured at fair value with changes in net income.
This replaces the prior indefinite-lived intangible cost-impaired-only model.

INSIGHT

Narrow Scope: Six Criteria Matter

ASC 350-60 applies only to crypto that meets six criteria including fungibility and residing on a distributed ledger.
Assets created by the reporting entity, NFTs, and enforceable redemption rights fall outside scope.

INSIGHT

Common Crypto Types That Fall Outside ASC 350-60

Stablecoins, NFTs, ETFs, wrapped tokens, and assets giving enforceable redemption rights are typically out of ASC 350-60 scope.
Wrapped tokens may revert assets to traditional intangible accounting if they confer a redemption right.

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Crypto assets are rapidly evolving – and so is the accounting and financial reporting. In this episode, we explore regulatory trends and market developments, including new FASB guidance.

In this episode, we discuss:

1:22 – Market trends, regulatory shifts, and financial reporting developments
6:10 – Key developments from the SEC on crypto
9:44 – Accounting classification of crypto assets
11:55 – Key provisions of the FASB’s crypto assets guidance
23:12 – Fair value measurement considerations

For more information, see our Crypto assets guide. Be sure to follow this podcast on your favorite podcast app and subscribe to our weekly newsletter to stay in the loop.

About our guests

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

John Vanosdall is a partner in PwC’s National Office focused on digital assets, revenue, and compensation arrangements. John previously served as both a Deputy Chief Accountant and Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. Prior to re-joining the National Office, he served as the firm’s Accounting Advisory Leader. John has over 20 years of experience and has served some of the firm’s largest clients as a client service partner.

About our guest host

Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the OCA’s Professional Practices Group.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com

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