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
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
• Identify the primary characteristics of cryptocurrency
• Recognize the relative growth trajectory of Bitcoin and other cryptocurrencies
• Identify attributes of distributed ledger technology
• Identify the benefits of blockchain technology for processing transactions
• Recognize audit considerations when auditing blockchain technology
• Identify specified situational concerns when auditing significant cryptocurrency transactions
• Identify the appropriate balance sheet treatment of an investment in a cryptocurrency
• Recognize the guidance provided in SAB 121 for entities that operate a cryptocurrency platform
• Identify concerns regarding the legitimacy of the cryptocurrency market
• Recognize a likely future impact of the expanded use of cryptocurrency on the Central Bank
• Recognize the dollar damages experienced by the FTX cryptocurrency platform collapse
• Identify the specifics of the fraudulent activity that occurred at FTX