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Accounting for Cryptocurrency and Digital Assets: New FASB Guidance, Financial Reporting and Disclosures

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

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Conducted on Tuesday, July 11, 2023

Recorded event now available

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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 substantial authoritative guidance on accounting for their existence.

In an effort to resolve these issues, on Oct. 12, 2022, the FASB issued a recommendation that said cryptocurrencies should be reported at fair value. This reflects the use of cryptocurrency by investors and aligns its reporting with other financial assets. For practitioners, this means these investments would be reported in accordance with guidelines in Topic 820, Fair Value Measurement.

The announcement resolves some issues and leaves many others unresolved. Only specific cryptocurrency is covered under the new guidelines; NFTs, for example, are not addressed. Likewise, financial statement presentation and required disclosures have not been covered. Accounting and auditing professionals need to stay abreast of the latest developments and guidelines.

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

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Outline

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

Benefits

The panel will cover these and other critical issues:

  • Financial statement disclosures related to cryptocurrency
  • FASB guidance issued October 2022
  • Utilizing Topic 820, Fair Value Measurement to report certain cryptocurrency
  • Measuring and valuing digital assets
  • Recording the receipt of cryptocurrency in exchange for goods and services

Faculty

Dellavalle, Mike
Mike Dellavalle, CFA, CPA

Senior Manager, Assurance
Cohen & Company

Mr. Dellavalle believes the key to unlocking a successful professional relationship begins with respect —...  |  Read More

Lefcowitz, Josh
Josh Lefcowitz, CPA/ABV/CFF, CFE, ASA

Partner, Valuation & Litigation Support Services
Cohen & Company

While business valuation and intangible asset valuation are highly complex and technical areas, Mr. Lefcowitz knows...  |  Read More

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