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