Yield farming impermanent loss - how do you actually account for it?

Been dabbling a bit in some of the liquidity pools, and while the APYs look fantastic on paper, I'm finding it hard to get my head around how to practically track impermanent loss. Are folks just writing it off as a cost of doing business for the yield, or is there a robust method to incorporate it into your PnL beyond just watching the asset values fluctuate? Seems like a bit of a moving target.