Accounting for Cryptocurrency and Digital Assets: New FASB Guidance, Financial Reporting and Disclosures
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Accounting
- event Date
Tuesday, July 11, 2023
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
110 minutes
-
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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.
Mr. Dellavalle believes the key to unlocking a successful professional relationship begins with respect — respecting clients’ time and what they need from him. He takes pride in delivering a quality work product, including managing expectations and proactively communicating throughout the project. Staying on top of investment industry trends is also important to Mr. Dellavalle, so he can help clients better understand the potential impact.
Mr. Dellavalle has approximately 10 years of experience providing audit and advisory services to all types of investment companies, including hedge, venture capital, private equity and registered funds. He serves investment advisers, hedge funds, venture capital funds and similar service providers in the digital asset space. In addition to accounting experience, Mr. Dellavalle has co-founded multiple start-ups in the cryptocurrency space, both on the business and computer programming side. With his unique blend of experience with investment companies and cryptocurrency, Mr. Dellavalle is devoted to using his specialized skillset to help clients adapt in response to new challenges faced while operating in this continuously evolving industry.
While business valuation and intangible asset valuation are highly complex and technical areas, Mr. Lefcowitz knows clients want an easy-to-understand explanation of his conclusions. He ensures they not only understand what his analysis is, but why.
Mr. Lefcowitz has over 20 years of public accounting experience providing dispute advisory, forensic accounting and valuation services for a wide array of purposes. In addition to business valuations, he performs valuation services related to intangible assets, purchase price allocations, intellectual property, oil and natural gas rights in Marcellus Shale formation, and goodwill impairment testing. Mr. Lefcowitz's experience encompasses serving clients across a range of industry sectors, including healthcare, oil and gas, restaurants, manufacturing, retail, professional services, technology, biotechnology, wholesale and distribution, and advertising.
Many businesses believe they must accept cryptocurrency to remain competitive. Others have purchased cryptocurrency or NFTs (non-fungible tokens) 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.
In an effort to resolve these issues, on Oct. 12, 2022, the FASB issued a recommendation that said cryptocurrencies should be reported at fair value. 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.
Listen as our panel of accounting, audit, and valuation experts discusses what is known and not known, as well as best practices for companies handling digital assets.
- Digital assets defined
- Classifying and valuing digital assets
- New FASB guidance
- Accounting for purchases and receipts of digital assets
- Recording disposition of digital assets
- Financial statement reporting and disclosures
- Best practices
The panel will cover these and other critical issues:
- Financial statement disclosures related to cryptocurrency
- FASB guidance issued October 2022
- Utilizing Topic 820, Fair Value Measurement to report certain cryptocurrency
- Measuring and valuing digital assets
- Recording the receipt of cryptocurrency in exchange for goods and services
Learning Objectives
After completing this course, you will be able to:
- Recognize various types of digital assets, including cryptocurrencies
- Determine how to measure and value digital assets
- Identify factors that influence marketability
- Establish how to record the receipt of cryptocurrency in exchange for goods and services
- Verify GAAP accounting practices governing cryptocurrencies are met
- Field of Study: Accounting
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
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