Part 1: Written Task You are an accountant working for Tesla Inc and have been asked to research the current accounting treatment for crypto currencies and to write a summary of your findings for the board. Several board members are concerned about the impact of the recently reported impairment loss and want to better understand the impact of future changes in the market price of Bitcoin on the financial statements. Note that Tesla Inc currently uses US GAAP for its financial reporting and submissions to the SEC as it is listed on the NASDAQ exchange. Consequently, your report should include a comparison of US GAAP and IFRS for the treatment of digital assets. Note: Your audience here are the board members of Tesla so ensure your work is directed at an informed audience. (Maximum 1000 words)

Background: Tesla Inc. has recently been in the news regarding its investment in Bitcoin and the impact of changes in the market price on its financial statements.

Review the following links for background to the current issues.

You are encouraged to research beyond the information presented in these links.

It's Time To Rethink Accounting For CryptocurrencyLinks to an external site

. Clarity needed in crypto-assets accountingLinks to an external site

. Accounting for cryptocurrenciesLinks to an external site.

The rise of central bank digital currenciesLinks to an external site.

A roadmap to comparing IFRS and US GAAP (Deloitte)Links to an external site.

IFRS compared to US GAAP (KPMG)