Accounting for Digital Assets Self-Study Webinar

To provide accountants and auditors with the knowledge of the evolving accounting rules and complexities governing the use of digital assets and how they will be accounted for within financial statements.

DETAILED LEARNING OBJECTIVES

• Recognize where cryptocurrency is recorded on the balance sheet

• Identify subsequent accounting treatment of crypto assets

• Identify how many criterion crypto assets need to meet to be accounted for under ASU 2023-08

• Recognize where gains or losses on crypto assets are recorded on the income statement

• Recognize where proceeds from crypto asset sales are recorded on the statement of cash flow

• Recognize the effective date of ASU 2023-08

• Develop a comprehensive understanding of the accounting and auditing considerations for digital assets

• Overview of ASU 2023-08, Accounting for and Disclosure of Crypto Assets
  – Recognizing fair value
  – Measurement and scope
  – Statements of financial position, income, and cash flows
  – Key provisions
  – Presentation
  – Future transitions
• SEC Update & SAB 122 
  – Crypto task force 
  – SEC statements 
  – Accounting implications 
  – Disclosures
• AICPA Digital Assets Practice Aid
• Revenue Recognition Considerations 
  – Determining scope 
  – ASC 606 Five Step Model 
  – Identifying performance obligations
  – Principal vs. Agent 
  – Nonfungible token (NFT) Transactions 
  – Noncash consideration 
  – Mining 
  – Staking
• Crypto Lending & Borrowing