DCPA2211. Foundations of a Crypto Practice

With crypto becoming more prominent, and global market caps now well over $2 trillion, accounting firms are grappling with how to support clients evolving needs as it relates to digital assets.  As they begin considering how best to introduce a digital asset practice area, CPA firms can categorize crypto support into tiers based on the company’s level of knowledge about blockchain and digital assets--from complete novice activities to more sophisticated instances.  They can then decide which tiers provide the best opportunities for the firm to add value.  In this session, crypto experts will review the new tiered approach to building a crypto practice, and practitioners operating in each of the tiers will discuss how they are delivering services as well as the steps their firm took to building out the new service line. 

Common questions will be answered:

• What are the types of crypto use cases that clients can be expected to present?
• From a service perspective, valuations and reporting of crypto have been known to be challenging in the past (data normalization, disparate data sources, etc).  How has valuation and reporting of crypto evolved?  What challenges remain?
• What are the tools necessary to perform crypto valuation and reporting services
• What is on the horizon for new uses cases (payments, CBDC, Stablecoins, DeFi, NFTs, etc.) and what can the profession do to prepare?
• How do firms evolve their practices, what existing service lines could meet crypto client needs, and how would they be offered?
• How do you vet a crypto client to determine whether they are a good fit for your practice?

Learning Objectives:

• Identify the 3 tiers of a crypto practice
• Review the tools necessary for crypto valuation and reporting
• Recognize how to evolve service lines to meet client needs