A number of companies have recently invested or agreed to take cryptocurrency as payment for its goods and services, including Tesla (which stopped taking #Bitcoin as payment but continues to hold it on its balance sheet) and Microstrategy.
As Deloitte notes, cryptocurrency transactions create new issues from both an accounting and tax standpoint.
Some of those issues include:
*setting up a protocol for valuing and tracking the basis of the company’s crypto purchases;
*determining the sales tax or other use tax based on the cryptocurrency’s basis so that the company can pay the tax in fiat currency (note how that will affect the cash flows);
*because it’s deemed a “barter transaction,” the company must value the Bitcoin received at the time of receipt; and
*if the cryptocurrency is used to pay expenses or is sold, the company must account for a gain or loss.
Finally, public companies must provide sufficient risk factor disclosure in their period reports to the SEC and their investors.
https://www2.deloitte.com/us/en/pages/audit/articles/corporates-using-crypto.html