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.