Crypto Asset Accounting: Cost Basis, Lots, Fair Value & Gains

What you'll build

What you will be able to do

Each lab ends with a concrete result that you build yourself and the checker confirms, cell by cell.

• Record Norvale Robotics' five LMC purchases as separate lots, add the exchange fees to the cost basis and work out the cost per coin and the weighted average cost.
• Sell 9 LMC, match the sale to the purchase lots with FIFO and with specific identification, and compare the realised gains.
• Keep Norvale's ORB position at a running weighted average cost through four buys and two sells, and calculate the realised gain on each sale.
• Remeasure Norvale's LMC to fair value at every quarter end, book the change in net income and keep the cost basis alongside for the disclosures.
• Carry Norvale's ORB under the IAS 38 cost model, test it for impairment each quarter, book losses and reversals, and compare it with the legacy US model that could only go down.
• Record the ORB staking rewards as income at the fair value on the day they arrive, set their cost basis and measure the fair-value change on them until year end.
• Compare the on-chain balance of every Norvale wallet with the ledger, flag the differences and reconcile the staking wallet item by item.
• Book Norvale's LMC year in five journal entries (purchase, sale, gain, fees, remeasurement), then present the roll-forward that the disclosures require as a waterfall chart.