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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Friday, July 19, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This webinar will closely examine ASU 2023-08, Accounting for and Disclosures of Crypto Assets. Our knowledgeable panel of accounting and auditing professionals will describe each component of the new ASU and explain the steps to transition to the latest reporting guidelines for those responsible for preparing and reviewing financial statements.

Faculty

Graham Michitsch
Senior Manager Risk Accounting & Advisory Services
Cherry Bekaert Advisory, LLC

Mr. Michitsch is a Senior Manager in the Risk Accounting & Advisory Services practice with more than 12 years of experience in public accounting, consulting, and industry. As a member of the Accounting Advisory Services group, he leads client engagements by providing digital asset transformation, controllership, strategic project execution, and accounting process implementation and optimization. Mr. Michitsch brings a unique combination of public accounting and innovative industry leadership positions to our clients. Prior to joining Cherry Bekaert, he held various finance leadership positions across several industries including utility construction, hospitality, blockchain, and eCommerce. Mr. Michitsch began his career at a Big Four accounting firm and has extensive accounting and advisory experience across healthcare and life sciences, financial services, and startups industries

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Jed Lee
Sr. Advisory Associate
Cherry Bekaert Advisory, LLC

Mr. Lee advises on and supports the development and execution of comprehensive IPO strategies for companies preparing to go public, ensuring alignment with corporate goals and regulatory requirements. He alos provides in-depth technical accounting guidance on complex transactions and financial events, ensuring accurate reporting and compliance with US GAAP, IFRS, and SEC regulations.

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Description

In December 2023, FASB issued a new ASU to better account for the volatile nature of crypto assets. The new standard applies to any entity issuing financial statements that holds cryptocurrency or similar assets. The scope guidance outlines which assets are covered by the new ASU. Among the requirements is that the asset be intangible and must be created or reside on a distributed blockchain ledger or similar technology.

Crypto assets are now reported separately from other intangible assets on the balance sheet, and their gains and losses are reported separately on the income statement. Unlike other intangible assets, crypto assets are valued at fair value. The volatile fluctuations alone will provide challenges for accounting and auditing professionals. The new standard is effective for periods beginning after Dec. 15, 2024; early adoption is permitted. Financial statement preparers and advisers must fully understand the new reporting and disclosure requirements.

Listen as our panel of blockchain reporting experts explains the requirements of ASU 2023-08 and offers recommendations for its implementation.

Outline

  1. New ASU 2023-08, Accounting for and Disclosures of Crypto Assets: introduction
  2. Background
  3. Scope
  4. Measurement
  5. Financial statement presentation
  6. Disclosures
  7. Making the transition

Benefits

The panel will cover these and other critical issues:

  • Identifying assets subject to the crypto reporting requirements of ASU 2023-08
  • Transitioning crypto assets to the fair value reporting requirements
  • New disclosure requirements under ASU 2023-08
  • Examples of financial statement reporting of crypto assets

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify crypto assets as described in ASU 2023-08
  • Determine when financial statements with crypto assets must follow the new guidelines
  • Decide which assets are considered crypto assets under ASU 2023-08
  • Ascertain how best to implement the transition to the new reporting requirements

  • Field of Study: Accounting
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.