Categories: ICO

Digital Assets Don’t Change Reporting Needs, SEC’s Top Accountant Says

Click here to view original web page at www.coindesk.com

The chief accountant for the Securities and Exchange Commission has said that companies have a responsibility to follow accounting standards when working with blockchain and digital assets.

Wesley Bricker spoke before the AICPA National Conference on Banks & Saving Institutions in Washington, D.C., on Monday, remarking that "it is essential to keep in mind that innovations in technology can be the ally of a company's business and financial reporting activities, not their opponent."

Blockchain applications were one of the major focuses in Bricker's speech, coming less than a year after he advocated that accountants in the U.S. get up to speed on information about cryptocurrencies and other digital assets. At the time, he spoke directly about companies or people that conduct initial coin offerings (ICOs).

Bricker's focus on Monday was, once again, directed at American companies and the accountants responsible for keeping their books. He told event attendees that it is "critical that we keep ourselves informed about emerging technologies so that the accounting profession can continue to perform the essential gatekeeper function for issuer compliance related to financial reporting."

"It follows that changes in technology need not work against investors and the public capital markets," Bricker went on to say, explaining:

"Moreover, companies must continue to maintain appropriate books and records – regardless of whether distributed ledger technology (such as blockchain) smart contracts, and other technology-driven applications are (or are not) used."

The SEC official exhorted corporate accountants to "take what is learned and then act appropriately" within U.S. securities statutes, whether or not their work involves keeping records related to digital assets.

"Distributed ledger technology and digital assets, despite their exciting possibilities, do not alter this fundamental responsibility," he remarked.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Wesley Bricker spoke […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

6 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

6 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

6 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

6 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

6 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More