US GAAP Accounting for Digital Assets
Understand how to explain bitcoin payments to clients and how to account for other transactions and investments involving crypto and digital assets under U.S. GAAP.
Why?
Your client got paid in Bitcoin. Now what?
Are crypto assets financial assets, a form of currency...or something else? Although the use of crypto assets (and the number of different types of crypto assets) is rapidly expanding, accounting guidance has not kept pace.
This self-study CPE course will help you answer the question of what to do when your client is paid in Bitcoin, as well help you understand how to account for other transactions and investments involving crypto and digital assets under U.S. GAAP.
Crypto asset accounting shouldn't be cryptic.
With easy−to−digest key learnings and applicable real-world examples, this course will help you assess the rights and obligations associated with digital asset holdings, select the correct accounting treatment, apply relevant SEC rules and FASB standards, and more.
You'll also learn what the AICPA is doing to lend clarity, and guidance, to this murky but important field.
Who?
- CPAs
- Public accounting leaders
- Managers and staff
- CFOs
- Controllers
- Finance leaders
- Management accountants
- Non-IT finance professionals.
Course Outline
| CPE Credits | 1 |
|---|---|
| Format: | Course - Online |
| Access: | This is a digital product. You will have access to the content for a year after purchase date. |
| Instructor | Kirk Phillips – Author/Presenter Sean is a Managing Director in Crowe's Assurance Professional Practice (or National Office). His primary responsibility is to support Crowe's audit practice with the application and interpretation of complex accounting guidance, including financial instruments, hedge accounting, revenue recognition, and accounting for cryptocurrency. He currently serves as the firm's revenue recognition SME co-leader. Prior to joining Crowe, Sean served for two years as the leader of the accounting advisory practice at a national accounting firm, assisting clients with the application of complex accounting guidance and the implementation of new accounting standards. Sean began his career as a postgraduate technical assistant (PTA) with the Financial Accounting Standards Board (FASB). Sean graduated summa cum laude from Brigham Young University with both Bachelors and Masters degrees in accounting. Sean currently holds an active CPA license in both New York and Connecticut, and is a member of the AICPA and New York State Society of CPAs |
Learning Outcomes
- Describe how U.S. GAAP applies to investments and transactions involving crypto assets.
- Identify factors in the analysis of digital asset ownership.
- Describe the efforts of the AICPA to provide further guidance on digital asset accounting under GAAP.
Topics covered
- Overview of digital assets
- Accounting for investments in crypto assets like Bitcoin
- Accounting for digital assets received as consideration from a contract with a customer
- Applying the intangible asset accounting model to digital asset holdings
- Accounting for the sale of digital assets
- Factors in determining when to recognize ownership of digital assets