According to the WSJ, the Financial Accounting Standards Board (FASB) doesn’t have plans to review accounting or disclosure for NFTs. Instead, it will conduct research on how to account for and disclose digital assets that don’t carry ownership rights, such as cryptocurrencies. Interestingly, the FASB’s research on digital assets won’t cover NFTs, as these digital assets generally have copyrights. If you’re wondering how the IRS is going to treat your NFTs, don’t ask your accountant; at the moment, no one knows.
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