United States

Practice aid: Accounting for digital assets

FINANCIAL REPORTING INSIGHTS  | 

The American Institute of Certified Public Accountants Digital Assets Working Group recently issued a practice aid, Accounting for and Auditing of Digital Assets. Accounting matters discussed in this practice aid include:

  • Classification and measurement when an entity purchases crypto assets
  • Recognition and initial measurement when an entity receives digital assets that are classified as indefinite-lived intangible assets
  • Accounting for digital assets classified as indefinite-lived intangible assets
  • Measurement of cost basis of digital assets that are classified as indefinite–lived intangible assets
  • Derecognition of digital asset holdings that are classified as indefinite-lived intangible assets
  • Recognition of digital assets when an entity uses a third-party hosted wallet service

The audit-related content for this practice aid is coming soon.

RSM’s National Director of Accounting, Rick Day, is a member of the Digital Assets Working Group Accounting Subgroup.

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