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.
Learning 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.
Major Topics
• 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