To help accountants and financial professionals gain a strong understanding of cryptocurrencies, the new blockchain technology supporting them, and the role they’ll play in our capital markets.

• Defining  cryptocurrencies and blockchain technology
• Analyzing the anatomy of a cryptocurrency transaction
• Understanding  the vocabulary
• Examining the attributes of blockchain technology
• Audit considerations

To help accountants and financial professionals gain a strong understanding of cryptocurrencies, the new blockchain technology supporting them, and the role they’ll play in our capital markets.

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

• Defining  cryptocurrencies and blockchain technology
• Analyzing the anatomy of a cryptocurrency transaction
• Understanding  the vocabulary
• Examining the attributes of blockchain technology
• Audit considerations