Cryptocurrencies & Blockchain Technology: The Impact on Finance & Accounting Webinar

To learn the accounting rules regarding cryptocurrencies and the new blockchain technology supporting them, and how to account for crypto assets in financial statements.

• Overview of Bitcoin & Crypto Assets
  – Origins
  – Eliminating or reducing third parties
  – Terminology
  – How they work
• Storage
• Token Examples
• Other Digital Asset Categories
• Making Money with Crypto Assets
• Basis Tracking/Accounting
  – Transaction outputs
  – Accounting programs and tracking trades
• Accounting for Crypto Assets
  – Pre and post ASU 2023-08
  – Industry specific GAAP
• Disclosure Considerations
• US GAAP vs. IFRS
• Accounting for Different Crypto Assets
• Audit Considerations
  – Custody consideration
  – Valuation consideration
• Examples of Disclosures

Mark DiMichael, Partner, Digital Asset Practice Leader, Citrin Cooperman

Zohaib Qamar, Partner, Professional Standards Group, Citrin Cooperman

To learn the accounting rules regarding cryptocurrencies and the new blockchain technology supporting them, and how to account for crypto assets in financial statements.

DETAILED LEARNING OBJECTIVES

• Identify the characteristics that contribute to Bitcoin’s perceived value

• Describe the functionality and security benefits of self-custody wallets

• Recognize major companies that accept cryptocurrency as a form of payment

• Explain the role and stability mechanisms of stablecoins such as USDC and USDT

• Define the purpose and goals of central bank digital currencies (CBDCs)

• Distinguish decentralized finance (DeFi) activities from traditional financial services

• Classify different types of digital assets, including NFTs and their use cases

• Evaluate indirect ways to participate in the digital asset market without holding crypto

• Understand how crypto accounting tools like Ledgible and Cointracker assist in tax and trade tracking

• Apply FIFO, LIFO, and specific identification methods to track cost basis in crypto transactions

• Identify key characteristics of crypto assets under the AICPA definition

• Determine the scope criteria for crypto assets under ASU 2023-08

• Describe the historical accounting treatment for crypto assets prior to ASU 2023-08

• Summarize the changes introduced by ASU 2023-08, including fair value measurement and income recognition

• Identify which crypto asset types are excluded from ASU 2023-08

• Recall the required disclosures for significant crypto holdings under ASU 2023-08

• Classify the proper accounting treatment of crypto received as noncash consideration

• Identify applicable accounting guidance for broker-dealers managing crypto assets

• Explain the implications of crypto assets on the statement of cash flows

• Recognize the financial reporting challenges related to safeguarding and valuing crypto assets

• Overview of Bitcoin & Crypto Assets
  – Origins
  – Eliminating or reducing third parties
  – Terminology
  – How they work
• Storage
• Token Examples
• Other Digital Asset Categories
• Making Money with Crypto Assets
• Basis Tracking/Accounting
  – Transaction outputs
  – Accounting programs and tracking trades
• Accounting for Crypto Assets
  – Pre and post ASU 2023-08
  – Industry specific GAAP
• Disclosure Considerations
• US GAAP vs. IFRS
• Accounting for Different Crypto Assets
• Audit Considerations
  – Custody consideration
  – Valuation consideration
• Examples of Disclosures

Mark DiMichael, Partner, Digital Asset Practice Leader, Citrin Cooperman

Zohaib Qamar, Partner, Professional Standards Group, Citrin Cooperman