稳定币到底算不算现金？天才法案之后，稳定币会计口径或迎调整

marsbitPubblicato 2026-01-05Pubblicato ultima volta 2026-01-05

Introduzione

美国财务会计准则委员会（FASB）计划在2026年研究稳定币是否可视为“现金等价物”及加密资产转移的会计处理方式。这一举措源于《Genius Act》法案将稳定币推向主流金融体系，但会计准则仍存在灰色地带，尤其在资产终止确认、跨链及封装代币的界定上。企业当前财报口径不一，导致投资者在风险披露和财务透明度方面面临挑战。 FASB于2023年已要求企业以公允价值计量比特币等加密资产，但未涵盖稳定币和NFT，且具体细则仍不明确。行业指出，GAAP在何时终止确认加密资产方面存在巨大缺口。尽管目前持有加密资产的上市公司较少，但新监管框架可能推动稳定币应用普及。不过，若无充分风险披露，投资者难以将其视同现金等价物。 FASB主席琼斯强调，相关议程并非受政治压力驱动，而是回应公众及行业反馈。他希望在2027年任期结束前完成负债与权益区分等关键会计准则的修订。

编者按:美国财务会计准则委员会 把「稳定币能否算现金等价物」「加密资产转移怎么入账」纳入 2026 年工作重点,看似是技术性会计问题,背后却是监管、政治与资本市场对加密资产正名的拉扯:一边是《Genius Act》把稳定币推向主流的制度化进程,另一边是 GAAP 仍存在诸多灰区——尤其在资产何时「终止确认」、跨链与封装代币如何界定上,企业财报的口径并不统一。

对投资者而言,这场讨论的真正意义不只是「能不能算现金」,而是风险披露、透明度与可比性:当稳定币更像现金、也更像金融产品,财务报表必须给出更清晰的边界。

以下为原文内容:

美国财务会计准则委员会(FASB)表示,将在 2026 年研究两项与加密相关的议题:部分加密资产是否可能被认定为「现金等价物」,以及如何对加密资产转移进行会计处理。在特朗普政府加码支持此类投资的背景下,这些议题将被纳入讨论。

过去几个月里,FASB 根据公众反馈将上述两项加密项目加入其议程。这些问题也是 FASB 将考虑是否纳入议程的 70 多个议题中最早被提上日程的一批;其中一些议题未来可能发展为新的会计准则。

FASB 表示,预计将在今年夏末前决定这 70 多个潜在议题的取舍。这些议题源自一次「议程征询」(agenda consultation),企业、投资者等可以通过提交函件,说明他们希望 FASB 优先处理哪些事项。

「很多人投入了大量时间和精力,帮助我们制定工作议程。」主席里奇·琼斯(Rich Jones)说,「我把 2026 年视为把这些意见转化为行动、兑现我们承诺的一年。」

去年 10 月,FASB 将「现金等价物」的问题纳入议程,重点关注部分稳定币——这类资产通常与某种法定货币挂钩。

这一动作发生在特朗普总统签署一项稳定币监管法案生效三个月之后。该法案建立了对稳定币的监管框架,将这类资产进一步带入主流金融体系。琼斯表示,被称为《Genius Act》的这项法案并未解决会计意义上「什么可以算作现金等价物」的问题。他还强调:「告诉人们哪些东西不符合现金等价物的标准,和告诉人们哪些符合一样重要。」

特朗普总统本人及其家族在 World Liberty Financial 这家加密公司中有利益关联;他推出了一系列支持加密行业的政策,并叫停了此前针对该行业的监管打击行动。

去年 11 月,FASB 投票决定研究企业对加密资产转移的会计处理方式,其中包括「封装代币」(wrapped tokens)——这种代币可以让某条区块链上的加密资产在另一条链上以「映射」的形式被表示和使用。

该项目将以 FASB 在 2023 年提出的要求为基础:企业在核算比特币及其他加密资产时采用公允价值计量。那项规则填补了美国公认会计原则(GAAP)中的一处空白,但未涵盖非同质化代币(NFT),以及某些稳定币。

尽管 2023 年已提出与加密相关的会计要求,但仍有人认为具体细则并不清晰。

会计培训与咨询公司 Mind the GAAP 的董事总经理斯科特·埃利希(Scott Ehrlich)说:「我仍然认为,目前 GAAP 在一个关键问题上存在巨大缺口:到底在什么情况下,我们应该把加密资产从资产负债表上剔除、也就是终止确认;而在什么情况下又不应该这么做。」

这两个项目都遵循了特朗普总统为支持加密行业而设立的一个工作组所提出的建议,同时也回应了公众反馈。琼斯表示,这些建议与 FASB 一些利益相关方原本就持有的观点相呼应。

琼斯说,他并没有受到压力去采纳该工作组的建议。

「我当然很高兴他们认为,解决会计问题的方式是把这些议题建议交由 FASB 评估,」琼斯说。「他们并没有建议推动立法来处理会计问题,也没有建议让 SEC 出来发表讲话来定调会计处理。」

SEC 负责对上市公司执行 FASB 制定的会计准则。

这家证券监管机构也将密切关注 FASB 所做的任何调整。SEC 首席会计师库尔特·霍尔(Kurt Hohl)在本月早些时候的一场会议上表示:「加密领域的问题一大堆。难点在于,它们并不能很整齐地套进现有的会计准则框架里。」

立法者和投资者偶尔也会对 FASB 的准则制定方式表达担忧。最近,该机构曾受到美国众议院共和党人的审视:他们提出,如果 FASB 不撤回即将出台的税务披露要求,就应冻结其经费。按新要求,上市公司正在准备在 2025 年的年度报告中披露更多有关其向政府部门缴纳所得税的细节。

一些观察人士质疑,加密资产的持有是否已经普及到足以进入 FASB 的议程。把比特币列入资产负债表的公司仍属少数,例如特斯拉、Block 和 Strategy 等。

「这些新的加密项目看起来并不是由普及程度或其他 FASB 既定的立项标准所驱动,更多是由当下的政治优先事项推动的,」代表投资专业人士的 CFA 协会(CFA Institute)财务报告政策团队负责人桑迪·彼得斯(Sandy Peters)说。

不过,随着《Genius Act》在 2027 年生效,新设的监管护栏有望降低稳定币的波动性,市场对稳定币的兴趣预计会升温。彼得斯表示,但如果没有更充分的风险披露,投资者不太可能把稳定币当作现金等价物来接受。

作为 FASB 主席,琼斯也面临「时间倒计时」。他的七年任期预计将在 2027 年 6 月结束,而继任者的遴选将在 2026 年初启动。

琼斯说,在剩下的大约 18 个月里,他希望委员会能够启动并完成一项关于如何区分「负债」和「权益」的会计准则。这一判断在某些认股权证等工具上非常复杂,企业和审计机构都认为难度很高。

琼斯表示,这个项目目前尚未被正式纳入议程,但在上述时间窗口内仍有望完成,因为委员会可以选择做「针对性的改进」,而不是建立一套全新的模型。「我很希望在我卸任之前把它做完,」他说。

Domande pertinenti

Q美国财务会计准则委员会（FASB）计划在2026年研究哪两项与加密资产相关的议题？

AFASB计划研究部分加密资产是否可能被认定为「现金等价物」，以及如何对加密资产转移进行会计处理。

Q《Genius Act》法案对稳定币的主要影响是什么？

A《Genius Act》建立了对稳定币的监管框架，将这类资产进一步带入主流金融体系，但并未解决会计意义上「什么可以算作现金等价物」的问题。

Q目前GAAP在加密资产会计处理上存在的主要缺口是什么？

AGAAP在加密资产「终止确认」方面存在巨大缺口，即缺乏明确规则界定何时应将加密资产从资产负债表上剔除。

Q为什么一些观察人士质疑FASB将加密项目纳入议程的动机？

A他们认为这些项目并非由加密资产的普及程度或FASB既定标准驱动，而是由当前政治优先事项（如特朗普政府的加密支持政策）推动的。

QFASB主席里奇·琼斯希望在卸任前完成哪项重要会计准则工作？

A琼斯希望启动并完成关于如何区分「负债」和「权益」的会计准则，尤其针对认股权证等复杂工具的会计处理。

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