Accounting for Crypto Assets 26-27
1.00 Credits
Member Price $55
Non-Member Price $65
Overview
This course provides a comprehensive overview of the latest U.S. Generally Accepted Accounting Principles (GAAP) guidelines for accounting and financial reporting of crypto assets. Participants will learn the essential concepts for identifying, measuring, presenting, and disclosing crypto assets in financial statements, with a specific focus on the new guidance from the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2023-08.
Highlights
• Scope and criteria for crypto assets under ASC 350-60 • Initial recognition and subsequent fair value measurement under ASC 820 • Presentation on the balance sheet and income statement; required annual and interim disclosures
Prerequisites
None.
Designed For
CPAs and other finance professionals responsible for preparing, reviewing, or auditing financial statements for entities that hold or transact in crypto assets.
Objectives
• Determine the required fair value measurement and subsequent reporting of changes in value through net income, as mandated by ASU 2023-08. • Recognize the scope criteria for determining which digital assets are classified as in-scope crypto assets under U.S. GAAP. • Record the initial receipt of cryptocurrency, such as in exchange for goods and services. • Identify specific presentation and disclosure requirements for significant crypto asset holdings.
Preparation
A general understanding of U.S. GAAP financial statements is recommended.
Leader(s):
Leader Bios
Robert Bedwell, Surgent McCoy CPE, LLC
Bob Bedwell, CPA, is an Audit and Advisory Principal at Mallah Furman, with over 35 years of audit and accounting experience. Bob regularly assists clients with a full range of corporate audit and assurance services, including financial statement preparation, auditing, SEC reporting, mergers, acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data.
Bob has been a discussion leader on numerous topics for the Florida Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills.
Bob received his Bachelor of Science in Accounting and Finance from Upsala College in East Orange, New Jersey, and has also earned a Masters in Accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the International Association of Practicing Accountants (IAPC). He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.
Non-Member Price $65
Member Price $55