Interested in attending? Have a suggestion about running this course near you?
Register your interest now
Description
Activity in cryptographic assets has increased and it has attracted regulatory scrutiny across multiple jurisdictions. The accounting issue is how to recognise, measure and disclose activities associated with the issuances of, and the investment in, the various types of cryptographic assets.
There are no accounting standards that specifically address cryptographic assets. Thus, accountants must look at the existing Financial Reporting Standards (FRSs) and apply a principles-based approach.
In this timely and highly practical workshop, we will highlight some of the accounting questions that are currently being debated and share the views on how FRSs could be applied.
What you will learn
- Understand the frequently used terms in Cryptographic Assets, and their classification based on characteristics
- Learn the appropriate accounting treatment for Cryptographic Assets and Related Transactions
- Be updated on the accounting questions that are currently being debated and learn how the FRSs could be applied on Cryptographic Assets and Related Transactions
Programme Outline
- Background and IASB’s Position on Guidance for accounting for cryptographic assets
- Frequently Used Terms in Cryptographic Assets
- Classification of Cryptographic Assets Based on Their characteristics
- Accounting of Cryptocurrencies Held for Own Account
- Cash or Currency
- Financial Assets
- Property, Plant and Equipment
- Inventories
- Intangible Assets
- Measurement Consideration
- Cryptographic assets other than cryptocurrencies held for own account
- Cash or Currency
- Financial Assets
- Property, Plant and Equipment
- Inventories
- Intangible Assets
- Prepayment
- Underlying Assets
- Cryptographic assets held on behalf of third parties
- Initial Coin Offerings (ICO) and related issues
- Accounting for ICOs by the issuer
- Accounting for a purchase of goods or services by the ICO entity in exchange for ICO tokens issued
- Own ICO tokens exchanged for employee services
- Fair value considerations for cryptographic assets
- The fair value hierarchy of IFRS 13
- Determining an active market
- Valuation in the absence of an active market
- Disclosures
- Inland Revenue Authority of Singapore – Income Tax Treatment of Virtual Currencies : A brief summary
This workshop qualifies for 3.0 CPE hours in Financial Reporting Standards and Pronouncements (Category 1).
Target Audience
Accountants and Auditors who would like to have practical knowledge on the accounting treatment of Cryptographic Assets and Related Transactions
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 13 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, and is currently an Adjunct Professor in the School of Business, Singapore University of Social Sciences. Prior to this, he was 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).