Accounting for Cryptocurrency and Digital Assets: New FASB Guidelines, Financial Reporting and Disclosures

Many businesses believe they must accept cryptocurrency to remain competitive. Others have purchased cryptocurrency or NFTs as investments. Reporting digital transactions is complicated by the varying nature of these assets, how they are held and used by businesses, and the lack of substantial authoritative guidance on accounting for their existence.

The FASB has stated that said cryptocurrencies should be reported at fair value beginning in 2025. This reflects the use of cryptocurrency by investors and aligns its reporting with other financial assets. For practitioners, this means these investments would be reported in accordance with guidelines in Topic 820, Fair Value Measurement.

The announcement resolves some issues and leaves many others unresolved. Only specific cryptocurrency is covered under the new guidelines; NFTs, for example, are not addressed. Likewise, financial statement presentation and required disclosures have not been covered. Accounting and auditing professionals need to stay abreast of the latest developments and guidelines.

This webinar will explain recording the receipt, disposition, and financial reporting aspects of digital assets, including cryptocurrency, for accountants and auditors. Our panel of accounting and audit experts will provide recommendations for accounting for these assets that are quickly becoming commonplace.

Learning Objectives:

Explain the key provisions of the FASB guidance applicable to qualifying crypto assets.
Identify which digital assets fall within the scope of the new accounting requirements and which assets, such as NFTs, may require consideration under other applicable guidance.
Describe the accounting treatment for the receipt, acquisition, holding, transfer, and disposition of cryptocurrency and other qualifying digital assets.
Apply fair value measurement concepts under ASC 820 to qualifying crypto assets.
Understand the impact of fair value changes on the financial statements and income recognition.
Identify key financial statement presentation and disclosure considerations related to digital assets.
Recognize accounting and auditing challenges associated with digital asset transactions, custody, valuation, and ownership.
Evaluate practical considerations for implementing the new guidance and maintaining appropriate accounting and audit documentation.

Session Highlights:

FASB's New Crypto Asset Guidance — Overview of the new accounting model and its effective date.
Scope of the Guidance — Understanding which crypto assets qualify for the new fair value accounting model and which digital assets remain outside its scope.
Initial Recognition and Subsequent Measurement — Practical accounting considerations when cryptocurrency is received, acquired, or held.
Fair Value Measurement — Application of ASC 820 and key valuation considerations for crypto assets.
Disposition and Transfers — Accounting implications when digital assets are sold, exchanged, transferred, or otherwise disposed of.
Financial Statement Impact — Understanding how fair value changes and digital asset transactions affect financial reporting.
Presentation and Disclosure Considerations — Key areas practitioners should evaluate when preparing financial statements and disclosures.
NFTs and Other Digital Assets — Discussion of assets not addressed by the new crypto asset guidance and the resulting accounting considerations.
Audit Considerations — Common challenges involving existence, ownership, valuation, custody, and transaction activity.
Practical Implementation Guidance — Recommendations and best practices for accountants, auditors, and financial reporting professionals navigating digital asset accounting.
Emerging Issues — Key developments and unresolved questions professionals should continue to monitor as digital asset accounting guidance evolves.

Who Should Attend?

CPAs and public accountants
Accounting and finance professionals
Auditors and assurance professionals
Controllers and assistant controllers
CFOs and finance executives
Financial reporting professionals
Internal auditors
Tax professionals and advisors
Accounting managers and supervisors
Professionals responsible for cryptocurrency or digital asset transactions
Advisors and consultants serving businesses that hold, accept, or transact in digital assets
Professionals involved in financial statement preparation, review, or audit

Credits and Other information :

IRS CPE Credits: 1.0 Ethics

Location: Virtual/Online

Delivery method: Group Internet Based

IRS Course ID: DFFSC

Attendance Requirement: Yes

Session Duration: 60 Min

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

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