# Accounting Memo — Stablecoin Classification Assessment

**Entity:** [Entity name]
**Prepared by / date:** [Name], [Date]
**Reviewed by / date:** [Name], [Date]
**Holding assessed:** [Stablecoin, issuer, units, carrying amount]

## 1. Question presented

Whether [stablecoin] held by [entity] should be classified as a cash equivalent
under ASC 230-10-20, and how the holding should be classified and measured
under current GAAP pending FASB's open standard-setting project.

## 2. Current GAAP conclusion

[State conclusion. Note: under current GAAP, stablecoins generally have not
qualified as cash equivalents. Most fiat-backed stablecoins also fall outside
ASC 350-60 because the redemption right is an enforceable claim on fiat,
failing ASC 350-60-15-1(b).]

## 3. Analysis against ASC 230-10-20

| Test | Facts | Met? |
|---|---|---|
| Readily convertible to known amounts of cash | [Redemption mechanics, fees, gates] | [Y/N] |
| Insignificant risk of changes in value | [De-peg history, reserve quality, issuer credit] | [Y/N] |
| Short maturity analog | [No stated maturity — document analysis] | [Y/N] |

## 4. Tentative FASB criteria (April 15, 2026 — NOT final guidance)

| Tentative criterion | Facts | Met? |
|---|---|---|
| Issuer reserves: high-quality assets readily convertible to cash | [Attestation/reserve reports reviewed, dates] | [Y/N] |
| Reserves maintained at least 1:1 with tokens outstanding | [Source] | [Y/N] |
| Direct on-demand redemption right with the issuer | [Agreement reference; entity-level right, not exchange liquidity] | [Y/N] |

**Caution:** tentative board decisions do not change current GAAP and may
change before a final ASU. Track status: cryptogaap.com/fasb-tracker

## 5. Classification and presentation adopted

[Balance sheet line, measurement basis, and rationale. Identify the
applicable framework: financial asset / receivable analogy / other.]

## 6. Supporting documentation

- [ ] Issuer redemption agreement (entity-level)
- [ ] Most recent issuer reserve attestation(s)
- [ ] Pricing/peg history for the period
- [ ] Auditor discussion notes

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