Accounting and Tax Considerations for Cryptocurrency
May 20, 2021
The Financial Education & Research Foundation (FERF) spoke with Deloitte experts about the accounting and tax considerations when a company invests in cryptocurrencies or chooses to use it in its business.
The questions covered included:
- Given that different cryptocurrencies carry different risks, how do financial executives decide which ones we want to be associated with and which ones to avoid?
- What are the key accounting and tax capabilities that their systems need to accommodate to account for crypto?
- What are the key accounting and tax considerations when a company invests in cryptocurrencies or chooses to use it in its business?
- How do we think about the decision to self-custody vs. Use a custodian?
- What are the considerations as we select vendors to support key functions like custody?
- Which risk factors should preparers consider disclosing in public filings?
- Which areas of regulation and compliance should companies pay particular attention to?
Review the article on the FEI's website.
