This edition of A Closer Look reviews financial reporting questions related to cryptocurrencies purchased as investments and used in lieu of cash for the purchase or sale of goods and services. It also explains how the accounting profession is addressing some of the common questions about accounting for transactions denominated in digital currencies, including:

• Cryptocurrency as an Asset
• Accounting for Cryptocurrency as an Intangible Asset
• Fair Value Considerations
• Presentation and Disclosure
• Specialized Industry Considerations

Cryptocurrency, while not new, is becoming mainstream. It’s important for companies to understand the accounting for such assets so they aren’t surprised by how complicated the accounting for such transactions can become.

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