FASB Audit Rules for Crypto Assets Will Exclude NFTs and Some Stablecoins

According to the Wall Street Journal, the Financial Accounting Standards Board (FASB) issued audit rules for encrypted assets. Digital assets of contractual rights, and homogenized digital assets. NFTs are non-fungible in nature and may have rights to the underlying assets, while some stablecoins are tangible assets, so the two are not included in the audit rules. Additionally, the FASB did not set reporting standards for companies that hold cryptocurrencies such as bitcoin on their balance sheets.