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 for proper treatment of digital assets in financial statements. An expert will help you sort through the confusion and discuss the following:
- Types of digital assets
- The evolving accounting rules and considerations for digital assets
- Valuing digital assets in financial statements
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.
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Overview of ASU 2023-08, Accounting for and Disclosure of Crypto Assets
– Recognizing fair value
– Measurement
– Presentation
– Future transitions -
Common types of digital assets
– Cryptocurrencies
– Coins/tokens
– Stablecoins -
Accounting for investments and sales of cryptocurrencies
– Initial and subsequent accounting
– Receipts in exchange for goods and services -
Staff Accounting Bulletin No. 121 ("SAB 121")
– Scope
– Recognition and measurement
– Disclosure
• 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