The use of digital assets including cryptocurrencies and Non-Fungible Tokens (NFTs) continues to proliferate, raising new accounting and financial reporting related challenges. The session will provide an overview of various types of digital assets and highlight the current application of U.S. GAAP to digital assets as well as an update of the current FASB project designed to address the basic accounting for fungible crypto assets. Finally, the session will highlight some of the key audit-related risks for auditing a digital assets. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this course, you will be able to...
- Distinguish how digital assets are being used in businesses
- Recognize their various structures
- Identify rights, obligations and risks
- Recognize audit challenges of the digital asset marketplace
- Identify applicable accounting and financial reporting requirements
Major Topics
The major topics covered in this class include:
- Overview of the digital assets and evaluating ownership and various rights and obligations
- Status of the FASB Project on Digital Assets
- Financial statement presentation and disclosures for acquisitions and sales and when receiving digital assets as consideration from a contract with a customer
- Highlights from the industry resources (e.g., CPA.com Wall Street Blockchain Alliance and the AICPA & CIMA Practice Aid Accounting for and Auditing of Digital Assets)
- Key audit risks and internal control considerations
