The token has been transferred, but has the asset left the balance sheet?

A company transfers 100 bitcoin to another party. The blockchain leaves little doubt about what happened technically: 100 bitcoin have moved from one address to another.

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For the accountant, however, that is only where the analysis begins. 

Was the bitcoin sold, lent, wrapped or deposited into a blockchain protocol? Which rights were surrendered, retained or newly acquired? Most importantly, should the transferred bitcoin still be recognized on the company's balance sheet? 

That last question has become increasingly urgent. The Financial Accounting Standards Board is addressing it through its Accounting for Transfers of Crypto Assets project. The project includes both expanding the scope of ASC Subtopic 350-60 to address certain wrapped tokens and receipt tokens and clarifying the derecognition guidance for crypto asset transfer arrangements, including how an entity determines whether control of a crypto asset has transferred. 

On Aug. 19, 2026, the FASB continued its deliberations and reached further tentative decisions on crypto asset lending and other transfers of crypto assets. For lending transactions involving crypto intangible assets, the board tentatively decided that the lender should continue to recognize the lent asset rather than derecognize it. For nonlending transfers of crypto intangible assets, it tentatively decided to continue applying the ASC 606 control model, supplemented by crypto-specific implementation guidance. The board then directed the staff to draft a proposed Accounting Standards Update for written ballot, with a 60-day comment period. These tentative decisions do not yet change U.S. GAAP.