On Wednesday, the board outlined its criteria for the crypto assets that would be covered by a new rule. The subset of digital assets under the project would include those that are intangible, that is, non-financial assets that lack physical substance, and that don’t carry contractual rights to cash flows or ownership of goods or services. The assets also must be fungible, meaning they are interchangeable and not unique.
The FASB didn’t say which specific crypto assets it would exclude from the project’s scope. However, the criteria indicate that NFTs—digital proofs of purchase for items such as art, baseball cards or digital music that can also provide access to live streamed concerts and other services—and certain stablecoins—cryptocurrencies pegged to assets such as the U.S. dollar—won’t make the cut.
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Popular crypto coins, such as Bitcoin and Ethereum, would fall within the rule’s scope.
Source: FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – WSJ