What keeps you up at night?
Family? Work? Too much pepperoni pizza?
Well, if you are one of 1,053 executives across seven countries surveyed by Deloitte what keeps you up at night are . . .
. . . blockchains.
Or more accurately the possibility of losing a competitive advantage if your company does not adopt blockchain according to the Deloitte survey.
Seventy-four percent of organizations surveyed see a “compelling business case” for blockchain technology. Two-thirds of respondents view blockchain as a competitive advantage. According to Deloitte’s “CFO Insight” article titled “Unleashing Blockchain In Finance”:
”Fueling that interest is a growing awareness of the value blockchain can drive as a platform that integrates operational processes such as supply chain, customer/channel operations, and service with finance processes.”
We couldn’t agree more or have said it better here at ABC (full disclosure: Deloitte is a member of ABC).
It is data like this from Deloitte that helps inform and drive ABC’s efforts. ABC was founded with the primary goal of creating best practices that address the issues facing the accounting industry. It aims to create and foster a community and network of practitioners and industry experts whose work is to advance digital assets and distributed ledger technology.
ABC provides its members and community of practitioners the opportunity to change the face of the accounting industry as a whole by contributing their specific expertise to help develop best practices when utilizing emerging technologies like blockchain. Along with best practices, ABC has developed an Internal Control Risk Mitigation Tool available for download, infographics, webinars and numerous networking events for members.
ABC Working Groups Get It Done
Another important part of ABC is its Working Groups. By becoming an ABC member and contributing to one of three Working Groups, participants have the opportunity to tackle issues and concerns related to a specific industry through collaboration and a shared sense of responsibility.
Working Groups is where the real work gets done and best practices established.
To become a member of the ABC and become part of a community of practitioners or to begin contributing to one or more of the working groups below, click here. If you are already a member of the ABC and would like to be added to an existing Working Group, please email [email protected] with the interested participant’s email address and preferred Working Group(s).
Here’s a list of the Working Groups:
AUDIT AND ACCOUNTING WORKING GROUP
Chair: Mark Li, BPM LLP
Co-Chair: Prashant Nisar, RSM US LLP
Co-Chair: Andre Sterley, Mazars USA LLP
Co-Chair: Soma Sinha, Plante & Moran, PLLC
The Audit and Accounting Working Group reviews, discusses, documents, and shares best practices and guidelines on valuation and accounting treatment of digital assets, revenue recognition of digital assets, and asset classification.
INTERNAL CONTROLS WORKING GROUP
Chair: Bennett Moore, RSM US LLP
Co-Chair: Graham Gal, UMASS Isenberg School of Management
The Internal Controls Working Group provides information, analyses, and delivers use cases that focus on the internal tools and solutions companies have to adapt or may need to acquire to meet the updates and changes to information systems around the growing industry. The group also focuses on change management and legal compliance.
TAXATION WORKING GROUP
Chair: Dmitri Alexeev, BPM LLP
The Taxation Working Group reviews, discusses, documents and shares existing industry best practices for operational process improvement and the tax treatment of digital assets including the impact of token classifications, gains and income from sales/forks/mining, token exchange implications, inventory and valuation methods, tax filings, and jurisdictional variances to get started.
Want to learn more about the only community and network of practitioners and industry experts whose work is to advance digital assets and distributed ledger technology? Click here.