Accounting for Cryptocurrency and Digital Assets: Classification, Measurement, Financial Reporting and Disclosures

Recording of a 110-minute CPE video webinar with Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, July 12, 2022

Recorded event now available

or call 1-800-926-7926
Course Materials

This webinar will explain recording the receipt, disposition, and financial reporting aspects of digital assets, including cryptocurrency, for accountants and auditors. Our panel of accounting and audit experts will provide recommendations for accounting for these assets that are quickly becoming commonplace.

Description

Many businesses believe they must accept cryptocurrency to remain competitive. Others have purchased cryptocurrency or NFTs (non-fungible tokens) as investments. Reporting digital transactions is complicated by the varying nature of these assets, how they are held and used by businesses, and the lack of authoritative guidance on accounting for their existence.

Crypto assets can be acquired and disposed of in the ordinary course of business; however, they do not meet the definitions of cash or inventory. The practice aid, Accounting for and auditing digital assets, issued by the AICPA with the caveat that it is non-authoritative guidance, suggests that these holdings could be classified as indefinite long-lived intangible assets.

Classifying these assets is only one of many issues that must be addressed by accountants. There are financial reporting and disclosures, gains and losses on disposition, and the significant price fluctuations of these assets that must be considered, recorded, and reported. Understanding how to best classify and report these assets is critical for businesses and accounting professionals.

Listen as our panel of accounting and auditing experts discusses what is known and not known, as well as best practices for companies handling digital assets.

READ MORE

Outline

  1. Digital assets defined
  2. Classifying and valuing digital assets
  3. Accounting for purchases and receipts of digital assets
  4. Recording disposition of digital assets
  5. Financial statement reporting and disclosures
  6. Best practices

Benefits

The panel will cover these and other critical issues:

  • Financial statement disclosures related to cryptocurrency
  • Measuring and valuing digital assets
  • Recording the receipt of cryptocurrency in exchange for goods and services
  • How price fluctuations influence measurement of digital assets

Faculty

DiMichael, Mark
Mark DiMichael
Partner
Citrin Cooperman

Mr. DiMichael is a partner in the forensic, litigation, and valuation services department. He is also the co-founder...  |  Read More

Rodas, Gabriela
Gabriela Rodas
Manager
Citrin Cooperman

Ms. Rodas is a manager in the firm’s Business Management Family Office Practice. She has over 15 years of...  |  Read More

Access Anytime, Anywhere

CPE credit is not available on downloads.

CPE On-Demand

See NASBA details.

Download