MFA Submits Comment Letter to FASB on Proposed Accounting Standards Update

MFA submitted a comment letter to the Financial Accounting Standards Board (FASB) on the proposed accounting standards update regarding the disclosure of crypto assets. MFA members, who serve as investors, lenders, creditors, and other allocators of capital emphasize how vital the provision of informative data is in making well-informed investment, credit, and similar resource allocation decisions.  
In the letter, MFA argues against the implementation of applying a cost-less-impairment accounting model, stating that it fails to provide members with the necessary information to make sound decisions. Instead, MFA proposes measuring crypto assets at fair value, asserting that this approach would not only decrease costs and complexities but also align with the current accounting practices for holding such assets. By adopting fair value measurement, MFA emphasizes the potential for improved clarity, transparency, and overall efficiency in managing crypto assets.