Demystifying Accounting for Blockchain, Cryptocurrency, and NFTs (Completed)

Date: Thursday, May 26, 2022
Instructor: Stephen M. Yoss
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Blockchain has been taking the financial world in new directions never thought possible. Cryptocurrency is over a $2 trillion market capitalization, there are NFTs are being sold at auction for over $60 million and there are countless organizations using Blockchain to power their logistic systems. These technologies seem to grow and expand every year in completely new directions.

Unfortunately, traditional business, banking, tax, and finance rules and procedures aren’t keeping the same pace. There is a major skill and knowledge gap for financial professionals. Our clients and organizations are utilizing these technologies without our assistance and guidance. This is a potential issue as they could be unknowingly putting themselves into a precarious tax or accounting position. This class provides practical knowledge of today’s best guidance for accounting and tax treatments for cryptocurrency and related technologies.

Topics Covered

  • Cryptocurrencies in use today, their functions, and major characteristics
  • Outline the impact of blockchain, cryptocurrency, and related technologies impact on today's business environment
  • Specific current issues with blockchain and cryptocurrency as they relate to an organization's tax and accounting
  • Implement a strategy to calculate and track historical price and fair market value of cryptocurrency investments
  • Evaluate benefits and risks of blockchain and cryptocurrency for organizational use
  • Purpose of a cryptocurrency custodian, their purpose and related business function

Learning Objectives

  • Describe the major cryptocurrencies in use today, their functions, and major characteristics
  • Recognize how to outline the impact of blockchain, cryptocurrency, and related technologies impact on today's business environment
  • Identify specific current issues with blockchain and cryptocurrency as they relate to an organization's tax and accounting
  • Recognize how to implement a strategy to calculate and track historical price and fair market value of cryptocurrency investments
  • Identif how to evaluate benefits and risks of blockchain and cryptocurrency for organizational use
  • Describe the purpose of a cryptocurrency custodian, their purpose and related business function

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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