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- Title
Digital Assets.
- Abstract
Beth Paul began the panel by answering the question: What are crypto assets? "I think, in many instances, people feel like those models don't work well for their digital assets, but the good news is if a digital asset is a financial asset, it will be eligible for the fair value option. As indefinite lived intangible assets, they should not be amortized, and they should be tested for impairment annually … Impairment losses are presented in net income, so if the fair value of a digital asset subset subsequently recovers, the digital asset's value cannot be written up and no gain can be recognized for that increase in value." "When that asset is then exchanged for something else, you're selling a digital asset and buying whatever it is you buy, so you'll have a gain or loss on the disposition of the digital currency or the virtual asset.
- Subjects
CRYPTOCURRENCIES; ASSETS (Accounting); DIGITAL asset management; FAIR value accounting; NON-fungible tokens
- Publication
CPA Journal, 2022, Vol 92, Issue 5/6, p34
- ISSN
0732-8435
- Publication type
Article