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Are cryptocurrencies a foreign currency, financial instrument, or some other type of asset? How are cryptocurrencies accounted for under US GAAP? The FASB has proposed

Are cryptocurrencies a foreign currency, financial instrument, or some other type of asset? How are cryptocurrencies accounted for under US GAAP? The FASB has proposed new guidance for accounting for cryptocurrencies in 2023. What criticisms led to these developments? And does the current proposal fix the "problem" of the current guidance?

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