The Digital Asset Taxonomy: Standardizing the Language of Digital Assets 1 Credit
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With the rapid evolution of digital assets, including cryptocurrencies, NFTs, and blockchain technology, there is a significant need for a standardized taxonomy to ensure consistent terminology and categorization in financial reporting and analysis. This comprehensive course is designed for tax and accounting professionals keen to deepen their understanding of digital assets in the context of current accounting standards and practices.
This is led by Stacey Ferris, an expert with extensive experience in both academia and the professional field; this course will explore the framework of 'The Digital Asset Taxonomy.' This non-authoritative taxonomy has undergone rigorous review and is used to educate professionals on the classification and reporting of digital assets. Participants will learn how to effectively use this taxonomy to aid in planning, reporting, and educating others about digital assets, with a strong grounding in a common understanding that aligns with professional accounting practices.
Through this course, attendees will gain the skills necessary to classify various types of digital assets, understand the implications of these classifications, and apply this knowledge to real-world scenarios in accounting and tax preparation.
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Join this CPE course, it is essential for professionals who wish to stay ahead in the rapidly evolving field of digital assets and ensure compliance with diverse regulatory frameworks.
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CryptoCFOs is the premier community dedicated to professionals in the Web3 finance sector, including accountants, tax professionals, CFOs, CPAs, bookkeepers, auditors, attorneys, enrolled agents, business students, Web3 executives, and investors.
Our mission is clear: to demystify the complexities of crypto taxation and accounting. We offer expert guidance to simplify crypto tax and accounting, providing members with exclusive access to valuable resources, educational content, networking opportunities, and the latest insights into crypto, NFTs, Web3, and blockchain.
Through NASBA-approved CPE courses, on-demand video tutorials, live expert discussions, and a rich library of resources, we empower our community with the knowledge and tools needed to navigate the dynamic landscape of digital assets confidently.
We are proud to foster an environment that celebrates choice and collaboration. Embracing a diverse ecosystem of partners allows our community members to explore a variety of tools and resources, ensuring they find the best fit for their unique needs.
Our goal is to empower you with options, not limitations, enhancing your journey in the Web3 finance landscape. In this pivotal moment for Web3 finance, the opportunity for tax and accounting professionals is unparalleled.
With a rapidly expanding market, the increasing acceptance and adoption of cryptocurrencies, and the evolving regulatory landscape, the need for specialized knowledge in crypto tax preparation and accounting has never been greater.
At CryptoCFOs, we equip our members to capitalize on these trends, offering a platform that encourages learning, exploration, as well as the support and perspective of professionals on a global level.
Stacey Ferris is a seasoned Certified Public Accountant and Certified Fraud Examiner with over a decade of specialized experience in forensic accounting, audit, financial reporting, compliance, and internal controls. Her extensive expertise spans risk assessment, fraud investigation, technical accounting research, financial analysis, books cleanup, U.S. GAAP accounting, and cryptocurrencies.
As an Assistant Professor of Practice at Virginia Tech's Pamplin School of Business, Stacey actively contributes to advancing educational standards in accounting and finance. She is the creator of the Digital Asset Taxonomy, a pioneering framework aimed at standardizing the classification of digital assets. Her work has been published in the July 2023 issue of the Journal of Accountancy and can be viewed here.
Stacey is a sought-after speaker on digital asset topics, having presented at major conferences and webinars hosted by the United Nations Internet Governance Forum (UN IGF), the Association of Certified Fraud Examiners (ACFE), the National Association of Certified Valuators and Analysts (NACVA), the CryptoCFOs Community, the Government Blockchain Association (GBA), Business Valuation Resources (BVR), among others. She also enriches the academic community by guest lecturing for fellow educators and providing specialized consultations for private clients.
In addition to her educational and speaking engagements, Stacey co-leads the Government Blockchain Association's Digital Asset Management working group. Here, she plays a pivotal role in developing the Blockchain Asset Manager certification course, setting the stage for future innovations in blockchain and digital asset management.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
The course, "The Digital Asset Taxonomy: Standardizing the Language of Digital Assets," provided an insightful and structured overview of the evolving digital asset landscape. The content was well-organized, focusing on the importance of standardization in terminology and categorization. Key highlights included: Clarity: The instructors broke down complex concepts, making them accessible to professionals with varying levels of familiarity with digital assets. Practical Applications: The course demonstrated how the taxonomy aids in accounting practices, compliance, and financial reporting, making it directly applicable to real-world scenarios. Engaging Delivery: The use of case studies and examples kept the session interactive and engaging. Suggestions for Improvement: Include more real-world examples or case studies to illustrate how the taxonomy is applied in practice. Provide additional resources or tools to help attendees integrate the taxonomy into their workflows. Overall, the course was an excellent resource for accounting professionals looking to deepen their understanding of digital assets and their implications for financial reporting and compliance. I highly recommend it to anyone navigating this rapidly evolving field.
FK
It was good experience to learn about crypto and taxonomy related to it
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