CPAs Aim to Clear Up Digital Asset Accounting Confusion

The American Institute of CPAs released new digital asset guidance Dec. 16 to fill in gaps in U.S. accounting standards as companies and nonprofits increasingly report cryptocurrency coins and tokens on their books.

• AICPA’s non-authoritative guidance recommends treating cryptocurrencies as intangible assets and includes questions to consider when they are held in a wallet service. Other topics include applying revenue recognition rules to digital assets and how to account for an asset with an indefinite life. A related auditing document is in the works.
• “This represents a great first step in addressing some of the most frequent accounting questions,” said ...