Cryptocurrencies & Blockchain Technology: The Impact on Finance & Accounting Self-Study Webinar
Overview
Cryptocurrency is a digital or virtual currency designed to function as a medium of exchange. It utilizes computerized encoding and decoding technology to secure and verify transactions, and control the creation of new units. This self-study webinar will:
- Explain cryptocurrencies and the technologies behind them
- Show how to use a digitized and decentralized public ledger, known as a blockchain, to accurately and chronologically keep track of transactions without central bookkeeping
- Discuss the impact of cryptocurrencies and blockchain technology in finance and accounting
- Explore audit considerations and risk assessments
Objective
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
Emphasis
- Defining cryptocurrencies and blockchain technology
- Analyzing the anatomy of a cryptocurrency transaction
- Understanding the vocabulary
- Examining the attributes of blockchain technology
- Audit considerations
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