this is a group assignment, so I was assigned to research and answer to part of question 2.
Please look at the KPMG Search Memo Example 1. Please format it same as the example.
We use FASB Codification to look up Authorities. Please list at least 1-2 authorities that you used for this memo, and write the analysis. DO NOT need to write the conclusion, fact or issue since this is a group assignment and I was not assigned to those.
HERE IS THE QUESTION #2: How should the holdings of cryptocurrency be initially and subsequently measured under U.S. GAAP and IFRS Standards?
My assigned portion is “ How should the holdings of cryptocurrency be initially and subsequently measured under U.S. GAAP?” NO NEED TO RESEARCH FOR IFRS (IFRS is assigned to someone else)
Please list at least 1-2 authorities to support the answer/analysis. LIST AUTHORITIES AND WRITE ANALYSIS (1-2 small paragraphs, no need to be long, as long as it support the Initially & Subsequently measured under GAAP).
I included a word doc from my professor, which will help with understand the case study and easy analysis.
Cryptocurrency is not yet recognize as Cash or Cash Equivalent on balance sheet. So basically, what should cryptocurrency be classified on the balance sheet? My professor has listed a few accounts for we to dig into.
FASB CODIFICATION LINK: https://www2.aaahq.org/ascLogin.cfm
http://aaahq.org/ascLogin.cfm (Links to an external site.)
Username: AAA51840
Password: 2RY2Kwd
Link to the case study 19-6:
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/about-deloitte/trueblood/us-dfdtn-19-6c-cryptocurrency.pdf
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