Accounting for Cryptocurrency

Master the complex accounting issues surrounding cryptocurrency transactions and holdings. This course explains the fundamentals of cryptocurrency, blockchains, wallets, pool mining, and cloud mining before addressing the related accounting treatments. You will determine proper classification, track cost basis accurately, and account for mining activities and related transactions. Apply practical guidance to navigate evolving standards, reduce reporting risk, and ensure that your financial statements properly reflect cryptocurrency activity.
Format

PDF Course

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Duration

1 Hour

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Course Information

Author: Steven Bragg
Course Number: AC1151

Learning Objectives
  • Identify the characteristics of a cryptocurrency.
  • Specify the characteristics of a cryptocurrency wallet.
  • Recall how the proof of work method functions.
  • Specify the expenses incurred by a cryptocurrency miner.
  • Recall how cryptocurrency assets are classified for accounting purposes.

Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: November 2024
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.