Accounting for Digital Assets

August 17, 2024

Overview

There are several forms of digital assets that serve various purposes in the digital economy, including bitcoin, ether, security and utility tokens, stablecoins, Central Bank Digital Currencies (CBDCs) and Non-Fungible Tokens (NFTs). How should the assets be accounted for as accounting standards are evolving to address the accounting for these assets?

In the practical workshop, we will discuss the accounting treatment of these assets, and also what auditors should look out for when they audit these assets.

What are digital and crypto assets
BTC, ETHCBDC
USDC
USDT
Key differences in accounting for digital assets under US GAAP and IFRS Accounting Standards

2019 IFRS Interpretations Committee (IC) Agenda Decision
US GAAP Subtopic 350-60, effective 2025

Purchased crypto assets for cash
Received crypto assets for payment for a good or service
Purchased crypto assets using another crypto assets
Holding on crypto assets – amortisation and impairment
Sell crypto assets
What are non-fungible tokens (NFT)
NFT sellers – accounting for sale of NFT
NFT buyers – accounting obtained rights

This workshop qualifies for 7.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1).

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please indicate in “Remarks” section in your registration the mode of attendance.

As part of our commitment towards minimizing carbon footprint and contributing to a healthier planet, we will only be issuing the soft copy of the training materials.

The training materials will be emailed to you 2 days before the workshop. Charging points are available in the training room to charge your digital device.

Accountants
Audit Professionals
Anyone interested in the accounting of digital assets

Expert Speaker

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).

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