AICPA Committees to Explore Guidance for Digital Currencies
Following similar efforts by the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”), the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board and Financial Reporting Executive Committee are considering whether to issue accounting and auditing guidance on digital currencies and initial coin offerings. Both committees plan to research the matter and will likely compose a list of financial reporting questions that have appeared concerning digital transactions. Dan Noll, the AICPA director of accounting standards, said the AICPA is considering guidance on digital currencies due to the pervasive nature of the questions being asked on. Read More.
Regulators Uncertain About Virtual Currency Market Oversight
As exchange-traded funds (“ETFs”), other kinds of exchange-traded products, and bitcoin-related items grow in popularity, regulators are still uncertain about how to oversee the virtual currency market. The topic became a point of discussion on September 8 at the Securities and Exchange Commission-New York University Dialogue on Securities Market Regulation in Washington, D.C. During the discussion, Kathleen Moriarty of international law firm Arnold & Porter Kaye Scholer LLP said that the SEC has held off on its oversight because the virtual currency markets are still in their early stages and are not policed well. Moriarity remarked that from her viewpoint,. Read More.