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Accounting for cryptocurrency deloitte

accounting for cryptocurrency deloitte

Cryptocurrency tax reporting remains a work in progress as authorities sort out to attest clients under the rules and regulations of public accounting. accounting, reporting, and tax requirements for cryptocurrencies, This presentation contains general information only and Deloitte. The Financial Education & Research Foundation (FERF) spoke with Deloitte's Principal, Risk and Financial Advisory Practice Tim Davis, Deloitte. RED BANK CINEMAS BRISBANE SESSION TIMES FOREX

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And assuming investments are layered in progressively over time, liquidity is likely to be less of an issue. Global macroeconomic, monetary, and digital evolutions have converged, requiring all forward-thinking corporations to consider alternative assets on their balance sheet. The ecosystem and the regulatory environment for digital assets, especially Bitcoin, have matured to the point that this strategy is becoming approachable and mainstream.

Longtime Bitcoin enthusiasts, macroeconomists, and luminaries; blockchain and technology fans; financial institutions, exchanges, and custodians; accounting, tax, and legal experts; and retail and institutional investors and shareholders have all emerged at scale to support and champion our efforts. The need for cross-organization collaboration Any sizable investment in digital assets presents more than just technical issues related to treasury, accounting, reporting, tax, and controls.

It also involves a significant cultural realignment—internal and external—among the many different groups and departments, including, but not limited to, the board of directors, the audit committee, risk, corporate reporting, finance, tax, internal audit, operations, controls, technology, and investor relations. Since many of these departments interact with external parties, such as the external auditor, tax and legal counsel, etc.

What does that realignment entail? Typically, the various functions and departments of a company establish procedures and assumptions for collaborating across and outside the organization based on normal-course, well-understood transactions. The terrain of digital assets is a new frontier of possibilities, so it requires that each corporate department, and its external party, rethink the application of the rules and policies of its core competency.

Few of the norms associated with legacy investments in securities, fiat currency, or treasuries may apply. Once each group gains a level of comfort with the application of the rules to digital assets, they then need to actively listen to one another, gain an understanding of the sensitivities, evaluate any operational or technical dependencies, and finally rethink how they collaborate and tackle challenges together.

Many more operating companies are beginning to evaluate the potential benefits of investing in digital assets like Bitcoin. And as their cumulative experience grows and sparks further interest, the more likely strategic investments in digital assets are to become more routine realities. That said, companies must have the right risk measures in place, as well as the right risk tolerance levels, for it to be worthwhile pursuing this type of investment.

For certain, the realities facing operating companies interested in investing in such assets are complex and in flux. But they are navigable with the right level of commitment from all departments and external parties. And with appropriate attention to issues of process, procedures, and risk all along the decision spectrum, digital assets can offer innovative, bold, and dynamic alternatives to traditional investments.

Distributed ledger—The peer-to-peer distributed network contains a public history of transactions. A blockchain is distributed and highly available and retains a secure record of proof that the transaction occurred. Irreversibility—A blockchain contains a verifiable record of every single transaction ever made on that blockchain.

This prevents double spending of the item tracked by the blockchain. Censorship resistant—The economic rules built into a blockchain model provide monetary incentives for the independent participants to continue validating new blocks. Back to top The potential impact of blockchain on the audit and assurance profession Some publications have hinted that blockchain technology might eliminate the need for a financial statement audit by a CPA auditor altogether.

If all transactions are captured in an immutable blockchain, then what is left for a CPA auditor to audit? While verifying the occurrence of a transaction is a building block in a financial statement audit, it is just one of the important aspects. An audit involves an assessment that recorded transactions are supported by evidence that is relevant, reliable, objective, accurate, and verifiable.

The acceptance of a transaction into a reliable blockchain may constitute sufficient appropriate audit evidence for certain financial statement assertions such as the occurrence of the transaction e. For example, in a bitcoin transaction for a product, the transfer of bitcoin is recorded on the blockchain. However, the auditor may or may not be able to determine the product that was delivered by solely evaluating information on the Bitcoin blockchain.

Therefore, recording a transaction in a blockchain may or may not provide sufficient appropriate audit evidence related to the nature of the transaction. In other words, a transaction recorded in a blockchain may still be: Unauthorized, fraudulent, or illegal Linked to a side agreement that is "off-chain" Incorrectly classified in the financial statements Furthermore, many transactions recorded in the financial statements reflect estimated values that differ from historical cost. Widespread blockchain adoption may enable central locations to obtain audit data, and CPA auditors may develop procedures to obtain audit evidence directly from blockchains.

However, even for such transactions, the CPA auditor needs to consider the risk that the information is inaccurate due to error or fraud. This will present new challenges because a blockchain likely would not be controlled by the entity being audited.

The CPA auditor will need to extract the data from the blockchain and also consider whether it is reliable. This process may include considering general information technology controls GITCs related to the blockchain environment.

It also may require the CPA auditor to understand and assess the reliability of the consensus protocol for the specific blockchain. This assessment may need to include consideration of whether the protocol could be manipulated. As more and more organizations explore the use of private or public blockchains, CPA auditors need to be aware of the potential impact this may have on their audits as a new source of information for the financial statements.

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