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Chapter 7 — Common Issues Related to Cash Flows

7.15 Digital Assets

7.15 Digital Assets

Other than the guidance in ASU 2023-08 (discussed below), there is no explicit U.S. GAAP guidance on accounting for digital assets, including how an entity classifies its receipts of and payments for such assets in the statement of cash flows. As a result, an entity must apply judgment when classifying the cash flows associated with transactions involving such assets.

Footnotes

10
The entity would factor in potential loss events (e.g., theft, loss of the private key, loss of the crypto asset, cybersecurity hacks) that could affect the measurement of the safeguarding asset. The occurrence of such a loss event could result in a difference between the safeguarding asset and the safeguarding liability.
11
See Deloitte’s December 18, 2022, Heads Up for a summary of highlights from the conference.
12
Entities need to consider various indicators of control and elements of asset derecognition when making this determination. For more information, see Deloitte’s April 25, 2023, Heads Up.
13
A gain or loss may be recognized as a result of (1) the difference between the carrying value of the lent assets and the fair value of the crypto asset loan receivable or (2) the initial and subsequent measurement of the allowance for credit losses on the crypto asset loan receivable.