Guidance on how to account for digital assets (bold): Accounting for stablecoins may not be stable: Though the use of digital assets is rapidly expanding, accounting guidance has not kept pace. As a result, accounting for digital assets can feel shaky. The AICPA can help: The AICPA practice aid on accounting and auditing for digital assets and this webcast can help you answer the question of what to do when you or your client accounts for stablecoins. You'll be helped to understand how to account for other transactions and investments involving crypto and digital assets under U.S. GAAP. You’ll also learn more about what the AICPA is doing to lend clarity and guidance to this murky but increasingly important field. Learn how you can add more value: Whether you’re a CPA with attest clients or an industry accountant responsible for corporate accounting policy, this guidance will give you a clear path to help your clients or firm by applying the most up-to-date accounting policy. Detailed examples and use cases will demonstrate real-world application of this guidance. Note: FASB issued ASU No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets, which is effective for all entities for fiscal years beginning after December 15, 2024. This ASU is not yet reflected in this webcast.
Learning Objectives
• Recall guidance on how to account for digital assets under U.S. generally accepted accounting principles (GAAP).
• Determine how reporting entities that apply specialized industry guidance should account for their involvement with digital assets.
• Identify factors that affect the fair value measurement of digital assets under FASB ASC 820.
• Determine how stablecoins are accounted for under GAAP.
Major Topics
• Guidance on how to account for digital assets
• Fair value of digital assets under FASB ASC 820
• Accounting for stablecoins
• Specialized industry practice for digital asset accounting
