The unexpected development and assurgent nature of Digital Assets in business transactions have created challenges for accountants and auditors. This self-study webinar will explain the evolving accounting rules and auditing complexities for proper treatment of digital assets in financial statements. An expert will help you sort through the confusion and discuss the following:
- The evolving accounting rules and considerations for digital assets
- Valuing digital assets in financial statements
- Types of digital assets
To provide accountants and auditors with the knowledge that will allow them to establish how digital assets will need to be accounted for and audited in financial statements.
-
Cryptocurrencies
– Investing
– Sales
– Receipts
– Lending and borrowing - Non-Fungible Tokens (NFTs)
- Stablecoin Holdings
-
SEC Staff Accounting Bulletin
– Scope
– Recognition and measurement
– Disclosure
– Transition -
FASB Proposed ASU
– Accounting for and disclosure of cryptic assets
– FASB comment letter themes
• Recognize how cryptocurrency would be recorded on the balance sheet
• Recognize the requirement for annual impairment testing on cryptocurrency investments
• Identify appropriate audit procedures over cryptocurrency
• Identify the accounting standards that apply to cryptocurrency
• Recognize how to account for an NFT
• Recognize the requirements in SAB 121
• Recognize how to account for transaction costs to acquire crypto-assets