ChainCatcher news: According to Bitcoin.com, the U.S. Federal Accounting Standards Advisory Board (FASAB) recently issued a technical bulletin (TB) to clarify the accounting and reporting standards for seized and confiscated digital assets. It stated that seized crypto assets should be considered "nonmonetary property" and central bank digital currencies (CBDCs) should be considered monetary instruments.
FASAB stated that cryptocurrencies “generally do not possess all the characteristics of currencies,” emphasizing that they “cannot function effectively as a unit of account, medium of exchange, or store of value.” The advisory further recommended that reporting entities use “publicly observable active markets for specific digital assets” to determine the market value of seized and confiscated digital assets, noting that management should exercise judgment in selecting the most appropriate valuation market.
It is reported that FASAB is responsible for developing and issuing accounting standards for the US government.