The Accounting Blockchain Coalition was founded with primary goal of creating best practices that address the issues facing the accounting industry. ABC aims to provide its members with the opportunity to change the face of the accounting industry as a whole by contributing their specific expertise in order to help develop best practices when utilizing emerging technologies.
By becoming an ABC member and contributing to one of our four Working Groups, you will have the opportunity to tackle issues and concerns related to your specific industry through collaboration and a shared sense of responsibility.
AUDITING AND ACCOUNTING
Chair: Mark Li, BPM LLP
The Audit and Accounting Working Group will review, discuss, document, and share best practices and guidelines on valuation and accounting treatment of digital assets, revenue recognition of digital assets, and asset classification. The initial focus will be on US tax regimes with the expectation of quickly branching out into international tax regimes initially on a comparative basis.
Chair: Jay Schulman, RSM US LLP
The Internal Controls Working Group will provide information, analysis, and deliver 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 will also focus on change management and legal compliance.
The Regulatory Compliance Working Group will review, discuss and share information and guidance regarding compliance with tax and accounting regulations in a new era of distributed ledger technology, blockchains and digital assets. This working group will provide guides and information on requirements on how to register and maintain regulatory compliance and what you need to supply to regulators in addition to information regarding jurisdictions and states regulations. The initial focus will be on US tax regimes with the expectation of quickly branching out into international tax regimes initially on a comparative basis.
Chair: David Deputy, Vertex, Inc.
The Taxation Working Group will review, discuss, document and share 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. The initial focus will be on US tax regimes with the expectation of branching out into international tax regimes initially on a comparative basis.
To become a member of the ABC and begin contributing to one or more of the working groups above, click here. If you are a member of the ABC and are interested in participating in a working group, please complete the form below.