On March 31, 2022 the SEC released SEC Staff Accounting Bulletin No. 121, which laid out the SEC’s interpretation of the financial statement disclosures required by public companies that hold crypto assets. This includes disclosures on technology risks, legal risks, and regulatory risks. Considering the massive volatility in crypto prices in 2022, new laws and regulations, and new risks from fraud such as the FTX fraud and bankruptcy, companies need to consider what risks they need to disclose to investors.
Although the SEC Staff Bulletin applies to public companies, private companies should consider the disclosure of crypto asset risks as a best practice when developing their financial statements.
This course will discuss various crypto risks that should be disclosed as well as how companies should provide appropriate risk assessments and disclosures.
Publication Date: January 2023
Designed For
CPAs, CMAs, CIAs, CGMAs, CFEs, MAFFs, internal auditors, external auditors, managers, CFOs and others working with or auditing crypto assets
Topics Covered
- A Review of the Requirements for Notes & Disclosures
- Crypto Currencies & Tokens
- Guidance
- Risk Assessment
- Technology Risks
- Legal Risks
- Regulatory Risks
- Uncertainty Risks
Learning Objectives
- Identify cryptocurrency risks that should be disclosed in the financial statements
- Identify the risks of holding crypto assets
- Identify appropriate risk disclosures for crypto assets
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Robert K Minniti
DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI
Dr. Minniti is the President and Owner of Minniti CPA, LLC. Dr. Minniti is a Certified Public Accountant, Certified Forensic Accountant, Certified Fraud Examiner, Certified Valuation Analyst, Certified in Financial Forensics, Master Analyst in Financial Forensics, Chartered Global Management Accountant, and is a licensed private investigator in the state of Arizona.
Dr. Minniti received his doctoral degree in business administration from Walden University, received his MBA degree and Graduate Certificate in Accounting from DeVry University’s Keller Graduate School of Management, and received his Bachelor of Science in Business Administration degree from the University of Phoenix. Dr. Minniti taught graduate and undergraduate courses in forensic accounting at DeVry University, Grand Canyon University, Kaplan University, Northwestern University, and the University of Phoenix. He designed graduate and undergraduate courses for Grand Canyon University, Northwestern University, and Anthem College.
He is a writer and public speaker. He has experience in forensic accounting, fraud examinations, financial audits, internal audits, compliance audits, real estate valuations, business valuations, internal control development, business continuation planning, risk management, cyber security, privacy laws, data security, Sarbanes-Oxley compliance work and business consulting. In addition to his practice Dr. Minniti is an instructor teaching continuing professional education classes for a variety of providers and CPA Societies.
Dr. Minniti is currently serving as a board member on the National Association of Certified Valuators and Analysts' (NACVA) Litigation Forensics Board (LFB) and as a committee member on the Arizona State Board of Accountancy's Law Review Advisory Committee.