12 Useful Crypto Accounting Resources

Are there any useful crypto accounting resources? With the launch of Bitcoin, the idea of providing the people with a safer and faster P2P platform for transfer of funds was introduced.

That was done more than a decade ago by the mysterious Satoshi Nakamoto.

At that time, use of cryptocurrency was not all that popular and was restricted to a handful of people.

Even mining crypto coins was easy and less competitive then and could be done by a home PC.

However, over time, the interests of the investors and traders have been building and today crypto is a craze across the world.

Such interest in crypto is not only seen among the general public but also among the large corporations over the years.

The digital investment wings of some of the most prominent firms in this world namely Morgan Stanley, Goldman Sachs, and CitiGroup and their likes have created a lot of options for the wealthy.

Therefore, with so much interest among people regarding crypto, it is quite natural that when they acquire these virtual assets they will want to exchange them for goods and services from the major companies.

And, for that, they will need to know more about the assets as well as the productive ways to go ahead.

Then comes the accounting part of these digital assets. Though the crypto ecosystem and exchanges are mostly unregulated, the tax implications are not liberal or simple.

One will need to know it as well as the accounting standards in order to avoid legal and monetary consequences.

If you too are wondering about these ways, you are in the right place.

The 12 Useful Crypto Accounting Resources

The Useful Crypto Accounting Resources  

It is needless to say that when you want to deal with crypto, you will need to be knowledgeable about crypto trading, investing, managing your trading account, and accounting for the same.

All these are quite complex and you might need some external resources to gain knowledge regarding crypto and its accounting procedures.

This will save you from the legal hassles, which, mind you, can be quite severe if you violate the guidelines and the requirements of the US Internal Revenue Service or the IRS, knowingly or unknowingly.

Here are some of the good resources that you may find helpful for gaining further crypto knowledge as well as for your accounting purposes.

Remember, this is not an exhaustive list since it seems to be growing every day.

1. Satoshi Nakamoto Institute – Good to Start with

For starters in the crypto field, their curiosity surrounding the mysterious Satoshi Nakamoto, the creator of Bitcoin, can be satisfied by the Satoshi Nakamoto Institute.

If you visit their official page, you will come to know about the white paper of Satoshi Nakamoto.

Add to that, they will also come to know about the original code of Hal Finney for reusable Proof of Work, a lot of useful podcasts about Bitcoin, cryptography, economics, and current events, and lots more.

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2. Fundera – Good for Small Companies

In here, you will not only get a fascinating and well-organized list of states and business merchants that accept crypto as a mode of payment but along with it you will also get some different useful statistics.

You will also get a lot of help for general business accounting as well as a lot of assistance from their CPA team when it comes to ownership, transactions, accounting, and tax issues related to different types of digital assets.

It is perhaps the best site for small businesses to seek help for their crypto accounting needs.

3. Deloitte – For Complete Accounting and Tax Solutions

Through this resource you will get as much help as you need regarding crypto accounting and tax issues.

You will come to know about the different crypto accounting and tax considerations and implications when you invest in crypto, accept crypto as a mode of payment, or use crypto for your expenses.

You will also come to know about the risks involved in using such digital assets and the proper control measures to overcome them.

If you are a company, you will get a complete guidance and a road map to get engaged with these virtual currencies.

You will get help for the use of crypto for payroll, financial statement disclosure, gain or loss recognition rules, addressing accounting policies, or corporate investing in crypto, governance and risk tolerance, GAAP, SEC reporting, cross-border transactions, and other tax and accounting pronouncements.

4. PricewaterhouseCoopers – For an In-depth Knowledge

This is a resource from which you can gain in-depth knowledge about crypto accounting standards, fair value considerations and several other aspects.

You will come across a lot of news, articles, webcasts, podcasts, and several other materials related to crypto accounting, tax implications and reporting, SEC reporting, corporate investment function, and lots more.

All these make it a go-to website for useful crypto accounting resources.

You will come to know how to characterize crypto as an intangible asset and about the use of third party custodians according to the US accounting rules, how these virtual assets fit into GAAP, apart from other crypto issues and fundamentals of blockchain technology.

5. AICPA – For Comprehensive Knowledge about Crypto Accounting

Association of International Certified Professional Accountants or AICPA is quite a good resource to learn more about crypto accounting.

They offer different courses as well which you can take to gain some comprehensive knowledge about crypto accounting.

You will gain knowledge about blockchain fundamentals for accounting, auditing for digital assets, and accounting for the same according to the rules and regulations of Generally Accepted Accounting Principles or US GAAP, relevant SEC or The US Securities and Exchange Commission rules as applicable, and The Financial Accounting Standards Board or FASB standards.

6. Microstrategy – For Accounting Process and Financial Statement Presentation

This is also a good resource to gain a complete knowledge about Bitcoin accounting treatment and tax implications.

Apart from gaining knowledge about the characteristics about the digital assets, you will also come to know about their accounting procedures along with financial statement presentation, all according to the set standards.

You will know how to determine and evaluate the fair value, the principal market, the appropriate unit of account, the intangible assets, the transaction costs, and deferred accounting along with the tax implications of each of them.

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7. Maryville – To Keep Up with the Future

This is an online educational resource where you will not only get the knowledge about the evolution of crypto and its accounting but also come to know about the future of crypto accounting.

Add to that, you will also know how crypto bookkeeping is different from traditional bookkeeping along with an in-depth anatomy of blockchain transactions.

Not only that, the resource is also a good one to know about the risks and regulations, volatility, benefits and lots more.

In short, this is a good resource to keep up with the future of crypto and its accounting needs.

8. Accounting Today – To Decrypt Obstacles and Opportunities

Through this resource you will be able to know about the obstacles and opportunities you will have as a crypto accountant.

Apart from accounting and auditing of crypto, through this resource you will come to know about the different tax implications and consequences along with financial planning with the help of different podcasts, advanced tech, and practice management.

9. RSM – To Know the Challenges in Crypto Accounting, Auditing and Taxation

When it comes to accounting for digital assets, there are lots of different challenges faced by the tax accountants regarding auditing and taxation.

This is a good resource to know about them all. You will be able to account for your crypto according to the set rules and regulations with proper relevance to the ledger, rights and custody.

You will also come to know about the different measurement basis, revenue accounting, apart from the tax implications linked with them all.

10. Koinly – For the Beginners

If you are new to crypto accounting, this is a resource you should go for if you want to have all the different aspects of it covered.

Right from how to get started with crypto accounting to the purpose and use of crypto and blockchain technology, you will know about it all.

In addition to that, you will also come to know about the different challenges you may face while accounting for your crypto assets.

Most importantly, you will come to know a lot of other resources to get proper guidance for crypto tax from different tax offices of different countries. And, of course, there is their crypto tax software to help you out.

Other All-Inclusive Resources 

If you do not want to surf the internet for hours looking for a website to gain knowledge about different aspects of crypto accounting and tax implications, then here are two of the most popular sources for you.

These sources include different links of resources from where you can gain further knowledge about crypto accounting.

11. Gilded – For Carefully Compiled Accounting Resources

Here you will find a lot of different accounting resources related to blockchain and crypto that will help you a great deal.

All these are handpicked and carefully compiled to help all CPA and crypto accountants alike.

For example, in here you will get links related to articles such as:

  • Triple Entry Accounting – A Revolution with Blockchain
  • Stablecoin hack – Instant Business Transactions and Simplified Taxes
  • 9 Essential Features of Crypto Accounting Software
  • AICPA Blockchain Resources and
  • The Ultimate Crypto Tax Guide.

Apart from that, there are also several podcasts that you can use as a reference such as:

  • Simplifying Crypto B2B Payments
  • Blockchain Powered Seamless Invoicing
  • Journal of Accountancy: Where Accounting Really Stands with Blockchain?
  • Cryptocurrency Transactions and Accounting Integrations and
  • The Future is AI, Automation and Blockchain.
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In addition to that, there are also links to several useful and intuitive videos and webinars such as:

  • Ask a Crypto CPA Anything
  • Accounting Working Group Podcast
  • Blockchain for Business
  • Blockchain for Accountants – Webinar 1 and
  • Blockchain for Accountants – Webinar 2.

There are also several articles that are published separately based on accounting for Non-Fungible Tokens or NFTs, crypto payroll and more.

12. CPA Canada – For Good External Resources

If you are looking for some good external resources on financial reporting of crypto, then you can visit CPA Canada for a comprehensive list of inventory that compiles the links to resources.

These will help you to understand the accounting and tax implications related to crypto.

A few of the useful resources are:

  • Introduction to Accounting for Cryptocurrencies under IFRS and
  • Accounting for Cryptocurrencies under Accounting Standards for Private Enterprises or ASPE.

If you want some useful external resources to understand the background of crypto assets, then you will find links to articles such as:

  • Navigating the Brave New World of Cryptocurrencies and ICOs
  • Cryptocurrencies and Public Policy
  • Blockchain: A Technical Primer
  • Introducing Blockchain and Cryptocurrencies
  • Digital Currencies and Fintech and
  • Digital Currency: You Can’t Flip This Coin!

Accountants who are looking for more comprehensive guides on crypto accounting and taxes may go through articles such as:

  • Technical Line: A Holder’s Accounting for Cryptocurrencies (US GAAP)
  • Cryptographic Assets and Related Transactions: Accounting Considerations under IFRS
  • Accounting by Holders of Crypto Assets
  • Accounting for Crypto Assets and
  • IFRS Viewpoint: Accounting for Cryptocurrencies – The Basics.

There are also a few good articles for the regulatory authorities and standard setters as well which include and are not limited to:

  • Cryptocurrency Regulation in Canada – Ontario Securities Commission
  • Spotlight on Initial Coin Offerings and Digital Assets – The US Securities and Exchange Commission and
  • Digital currency – A Case for Standard Setting Activity – The Australian Accounting Standards Board.

Add to that, there are also a few good audio publications by the IFRS Discussion Group that you can listen to such as:

  • Cryptocurrencies
  • Cryptocurrencies – Other Considerations
  • Cryptocurrencies – Employee Benefits and
  • Cryptocurrencies – Mining Activities.

If you want to know only the gist of matter then you can read the articles by PwC such as Cryptocurrencies: Time to Consider Plan B and Making Sense of Bitcoin, Cryptocurrency and Blockchain.

Once again, remember that this is not a complete list of resources for crypto accounting and tax implications.

The more time you spend on the internet looking for them, the more you will find. Doing your own research is the key to success in crypto – whether it is in trading and investing or for accounting purposes.

Conclusion

Need for proper guidance related to accounting for virtual currencies simply as an investment or as a means for carrying out transactions is an emerging issue.

If you are looking for some help regarding it and other info related to it, these sources will surely be of great help.