The fast-growing use of digital assets in financial transactions and investments requires new skills and knowledge for CPAs. With the adoption and use of digital assets and blockchain, it has become increasingly important for accounting and finance professionals to understand how to account for and audit digital assets.
As you face the possibility that your company or clients may transact or invest in digital assets, you’ll want to ensure that financial reporting remains transparent, accurate and compliant with proper standards.
Good news: We’ve developed nonauthoritative guidance on accounting for and auditing digital assets. Based on existing professional literature and experiences of members of the AICPA Digital Asset Working Group, the Accounting for and Auditing of Digital Assets practice aid provides guidance for financial statement preparers and auditors.
Turning challenges into opportunities
Although digital assets create new opportunities, clear guidelines and definitions are lacking — there is no global consensus or central authority on how they should be accounted for and audited.
Digital assets are often decentralized and operate on blockchain technology, adding another layer of complexity.
Because digital assets are stored on a decentralized, distributed ledger that is maintained by a network of computers, it’s difficult to determine who owns the assets, how they are valued and how they are used.
Improve your digital assets know-how
Meeting these challenges is not insurmountable. We can help you stay current with the latest developments in accounting for and auditing digital assets.
To clarify the role you can play in the digital asset ecosystem and help you better understand the guidance that has been issued in the Accounting for and Auditing of Digital Assets, there are three webcasts in February, March and April. We know you’re busy, so each webcast will air twice — choose the time that works best for you.
Accounting for Digital Assets Under U.S. GAAP, Part I is one hour and will air on Thursday, Feb. 16, 11:00am–12:00pm ET and Tuesday, April 11, 9:00–10:00am ET.
Accounting for Digital Assets Under U.S. GAAP, Part II is 90 minutes and will air on Tuesday, Feb. 21, 12:30–2:00pm ET and Wednesday, April 26, 3:00–4:30pm ET.
Auditing Digital Assets is two hours and will air on Tuesday, Feb. 28, 3:00–5:00pm ET and Monday, March 13, 10:00am–12:00pm ET.
Bonus! The three webcasts are also available as self-study courses. When you follow the link above for the webcast, you’ll see a button that reads “View CPE Self-study.”
CPE credits will be awarded per title of the webcast or self-study course, meaning that if you register for a webcast and a self-study course with the same name, only the CPE you finish first will earn you credits.
Master the world of digital asset transactions
Clarity on updated and relevant guidance to this increasingly important field is available to you.
From assessing risks in the audit to identifying fair value of digital assets under FASB Accounting Standards Codification (ASC) 820, Fair Value Measurement, we have guidance, resources and learning materials that include case studies, demonstrating real-world applications.
Understanding digital assets is imperative because their adoption and use continue to grow. Failure to know how to account for and audit digital assets could result in serious consequences for entities and individuals. For example, suppose an entity fails to properly account for its digital asset holdings. In that case, it could result in incorrect financial statements, which could lead to financial losses, regulatory fines and reputational damage.
To create a clear path to help your clients or organization comply with standards and navigate unique audit challenges, join the webcasts in February, March and April, and explore our digital asset resources whenever you like.