The AICPA has updated its Practice Aid on Accounting for and auditing of digital assets to address more niche Codification topics. The update includes discussion of accounting for broker dealers as well as investment companies. It also provides guidance on determining principal markets for fair value. The Digital Assets Working Group has been great in providing accounting and auditing guidance for entities, as this topic is not well-addressed in authoritative literature.
AICPA Practice Aid: Accounting for and Auditing of Digital Assets: https://www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf
- What questions do you have? Send your questions to firstname.lastname@example.org
- Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here
- You can also click and subscribe to the SCACPA YouTube channel here
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is be a speaker on audit topics at SCACPA’s annual Fall Fest and Spring Splash conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Read the Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy