The Financial Accounting Standards Board (FASB) is excluding non-fungible tokens (NFT) and certain stablecoins from its cryptocurrency accounting review, the Wall Street Journal reported.

On Wednesday, the U.S. board described its criteria for crypto assets that would be covered by a long-awaited rule for companies to account for and disclose their holdings of digital assets.

FASB did not name specific crypto assets that would be excluded from the rule. But it said the digital assets addressed by the rule would include those that are intangible, don’t carry contractual rights to cash flows or ownership of goods and services, and those that are fungible, according to the Journal. NFTs are by their very nature non-fungible and may carry rights to underlying assets, while some stablecoins are tangible assets.

FASB board member Susan Cosper told the Journal that not many companies had invested in NFTs yet. “It’s not pervasive or material at this juncture,” she said, adding that “it’s certainly something that we can focus on later if need be.”

FASB did not discuss reporting standards for companies holding cryptocurrencies like bitcoin (BTC) on their balance sheets. At present, companies must record an unrealized loss if the value of their holdings drop, even if the companies don’t sell the assets. But they do not have to report unrealized gains. Similar rules don’t exist for companies holding other assets. The crypto industry is hoping FASB will update its recommendations to address this disparity.

UPDATE (Aug. 31, 2022 21:00 UTC): Added background in last paragraph.