Crypto asset accounting issues
Hot Topic | February 2022
KPMG explores questions on measuring crypto asset impairments and presenting crypto asset gains and losses.
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In this Hot Topic, we delve into some of the application issues arising in practice today.
Applicability
- Companies that are not broker-dealers or investment companies subject to ASC 940 or ASC 946, respectively, that have acquired crypto assets through purchase, as payment from another entity or by any other means.
Relevant dates
- Effective immediately
Questions addressed:
- What challenges commonly arise when determining the principal market for a crypto asset?
- Is it ever acceptable to co-mingle multiple units of a crypto asset for purposes of assessing impairment?
- Why are crypto intangible asset impairment losses and sale gains/losses under ASC 610-20 presented as operating income (loss) items?
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Meet our team
Scott Muir
Partner, Dept. of Professional Practice, KPMG US
Chase Stobbe
Partner, Dept. of Professional Practice, KPMG US
Scott Muir
Partner, Dept. of Professional Practice, KPMG US
Chase Stobbe
Partner, Dept. of Professional Practice, KPMG US