Accounting for Digital Assets

Description

The following group discounts are available:

• Promotional Code “ GP2-15 ” – 15% group discount for 2 registrations for any event
• Promotional Code “ GP3-20 ” – 20% group discount for 3+ registrations for any event
• Promotional Code “ GP5-30 ” – 30% group discount for 5+ registrations for any event

Sign up early and/or with your colleagues to enjoy these special rates!

This is a hybrid session. You have the option to attend this live in-person or online via Zoom. Please select accordingly at registration.

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.

Programme Outline

• What are digital and crypto assets
• BTC, ETH
• CBDC
• 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).

What you will learn

• Understand the accounting treatment of digital assets
• Understand and appreciate the practical challenges faced in the accounting of digital assets
• Understand the key differences in accounting for digital assets under US GAAP and IFRS

Target Audience

• 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).