February 8, 2022
The increased use of cryptocurrencies has had a significant effect on nonprofit organizations, particularly with regard to their investments and donor contributions. Detecting a trend, the Association of International Certified Professional Accountants (a combined organization of the AICPA and CIMA) organized a working group in 2020 and published a study on the accounting and auditing of digital assets under US GAAP. What was once considered a ‘flash in the pan’ only a few years ago is now an increasingly acceptable and mainstream means to invest funds or make donations.
The increased use of cryptocurrency means that nonprofits must become knowledgeable about the accounting and auditing implications. Join GRF nonprofit audit experts, Ricardo Trujillo, CPA, CITP, CISA, Omid Mohebbi, CPA, and Katelyn Miller, CPA, MST, for an overview of the fundamentals of cryptocurrency accounting and auditing specifically for nonprofit finance and accounting professionals.
The webinar will be of particular relevance to foundations, social welfare organizations, and Internal Revenue Code Section 527 Political Organizations, including political parties, campaign committees and political action committees.
- How to classify, measure and recognize cryptocurrencies on your financial statements
- Considerations of fair value measurement
- Management and auditor required skillsets
- The relevant professional standards
- Challenges and implications for overall business strategy