In July 2020, FASB proposed new changes in its conceptual framework that defines 10 elements of financial statements with the new chapter: Concepts Statement No. 8, Conceptual Framework for Financial ReportingChapter 4, Elements of Financial Statements. The Concept Statement was issued December 2021

The proposed new chapter of the FASBs conceptual framework will provide a useful reference in the boards future standard-setting process, said FASBs new chairman, Richard R. Jones, in a statement Thursday. An updated conceptual framework can help us set standards that improve the understandability of information companies and organizations provide to existing and potential investors, lenders, donors, and other resource providers.

The changes are part of the ongoing conceptual framework project. Pick one item in the new chapter and explain how you see it helping the accounting profession better tell the story of a company's financial position. In your post, be sure to identify which element you are addressing. Address in your post how the "ongoing" conceptual framework project is important to respond to the rapidly growing field. Does the new chapter help at all with Cryptocurrency?