Digital Asset Impairment Analysis and SEC Updates for Businesses

As global interest in cryptocurrency investment continues to expand, it’s becoming more difficult for enterprises and businesses to deal with fundamental accounting challenges for crypto and other digital assets such as recognizing impairment events any time the price of an asset dips below the acquisition price of a lot.

Join TaxBit’s Subject Matter Experts, Aaron Jacob and Jordan Hansen, and Crowe’s Partner of Assurance and Professional Practice, Matthew Schell, as they provide an overview of the non-authoritative guidance for digital assets accounting provided by the American Institute of Certified Public Accountants (AICPA). 

In this webinar our speakers will discuss how impairment of digital assets is recorded on both the balance sheet and income statements, and provide example scenarios to highlight the difficulties companies are facing. 

In addition, the speakers will also provide an update on recent SEC Staff Accounting Bulletin 121 and its impact across the industry. 

Key Takeaways: 

  • Overview of how crypto is treated as an intangible asset on the balance sheet

  • How the impairment of digital assets is currently recorded on the balance sheet and represented in income statements

  • What a company must understand about impairment if it holds digital assets on its books 

  • Guidance from the recently released SAB 121

Register now!

Matthew Schell

Partner - Assurance and Professional Practice, Crowe

Aaron Jacob

Head of Enterprise Resource Planning

Jordan Hansen

Subject Matter Expert Manager

Available On Demand

About the Speakers

Matthew Schell

Partner - Assurance and Professional Practice, Crowe

Matthew Schell is a partner in the national office of Crowe LLP and located in Washington, DC. Within the national office, his responsibilities include directly supporting the audit practice on complex technical accounting and regulatory issues. He serves as a designated liaison to the U.S. Securities and Exchange Commission (SEC) and the federal financial institution regulators on practice matters related accounting, financial reporting and regulatory issues. Matthew is a member of the CAQ's Emerging Technology Taskforce and the co-chair of the AICPA's Digital Assets Working Group.

Prior to becoming a partner with Crowe, he spent two years in the Office of the Chief Accountant (OCA) of the SEC as a Professional Accounting Fellow (PAF). Prior to joining the SEC, Matthew was a senior manager at Crowe LLP in the New York office where he served clients within the financial services industry, including banks, savings institutions, broker / dealers, and investment companies.

Matthew holds a Bachelor of Science in Accounting and Finance from Illinois State University in Normal, Illinois. He is a CFA® charterholder and is a certified public accountant, licensed in the District of Columbia and New York. Matthew is a member of the AICPA and the Greater Washington Society of CPAs.

Aaron Jacob

Head of Enterprise Resource Planning

Aaron Jacob serves as TaxBit's as Head of Enterprise Resource Planning (ERP). In this role, Aaron leads TaxBit’s efforts to build and scale the TaxBit Corporate Accounting Suite—the first-ever, SEC- and Big 4-grade ERP solution for digital assets.

Prior to TaxBit, Aaron spent eight years at Chatham Financial working with the treasury and accounting teams of corporate and large financial services clients. He advised companies on: derivative portfolio management; finance and accounting process transformation; technical accounting solutions; and oversaw the development of Chatham’s core financial services technology. During this time, Jacob worked across many asset classes including: equities, foreign currency, interest rates, and commodities.

Aaron previously worked at the Financial Accounting Standards Board (FASB), where he assisted the Board in making improvements to US generally accepted accounting principles (GAAP). 

He has a Master’s Degree in Accounting from BYU and earned his MBA from The Wharton School where he graduated as a Palmer Scholar.

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Jordan Hansen

Subject Matter Expert Manager

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