Reconciling Blockchain Theory With Accounting Reality
Jan 28, 2018
On January 28, 2018, Financial Executives International (FEI) posted an article on how the fervor around Bitcoin, cryptocurrencies and the underlying blockchain technology is hitting new highs and lows. But despite the fervor of blockchain enthusiasts seeking to apply the technology to financial reporting and completely disrupting corporate disclosures, there are significant hurdles that sit at the core of modern accounting practice and audit methodology.
Accounting standard setters have the cryptocurrencies on their radar, if not the accounting implications of blockchain in particular. This past summer the Financial Accounting Standard Board (FASB) received a request from The Chamber of Digital Commerce to add a project around accounting for digital currencies to its Emerging Issues Task Force agenda.
Review the full article on FEI's website.
