Demystifying Accounting for Blockchain, Cryptocurrency, and NFTs (Currently Unavailable)

Author: Stephen M. Yoss

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 countless organizations are 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 up at 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 course provides practical knowledge of today’s best guidance for accounting and tax treatments for cryptocurrency and related technologies.

Publication Date: May 2022

Topics Covered

• An introduction to blockchain and cryptocurrency technologies
• The significant benefits and risks of blockchain and cryptocurrency technologies
• How cryptocurrency mining works to process and verify transactions in a blockchain
• Detailed look at the significant accounting issues and recommendations of crypto assets in business
• A review of the tax regulations with crypto assets
• A discussion of non-fungible tokens (NFTs) and how they are being created and used
• Other major and relevant blockchain and crypto topics

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
• Identify 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
• Describe cryptography
• Identify the pages in a blockchain ledger
• Identify the oldest, most widely used, and highest market capitalization cryptocurrency
• Identify a benefit of blockchain technology
• Recognize how many countries as of March 2022 have launched a Central Bank Digital Currency (CBDC)

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None