Deloitte Backs Bitcoin Accounting Standards Effort in Australia
Professional services company Deloitte has partnered with an Australian digital currency trade group to develop new accounting guidelines for businesses that handle bitcoin. According to a report by Australian business news service iTnews, Deloitte will cooperate with the Australian Digital Currency Commerce Association (ADCCA) as part of a working group focused on accounting and self-regulation standards. Deloitte Australia partner Jonathan Perkinson told iTnews that "digital currencies have a lot of momentum" and that more work is needed to clarify key tax and regulatory issues. "With....
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An Australian group has been selected by the International Organization of Standardization (ISO) to spearhead a technical committee developing standards for blockchain tech. Standards Australia announced its leadership role on the committee yesterday, revealing it will oversee members from 35 countries on the effort. The ISO, founded in the 1940s, is composed of representatives from more than 160 national standards-setting bodies. As such, in addition to Australia, the ISO work will draw representatives from standards bodies in Canada, France, the UK and the US, among others. The....
According to iTnews, leading accounting firm Deloitte has joined the Australian Digital Currency Commerce Association (ADCCA) to create accounting standards for cryptocurrency-based businesses. Australian Digital Currency Commerce Association is the country's leading council, representing the cryptocurrency businesses. Deloitte director Taralyn Elliott and partner Jonathan Perkinson are leading the initiative. Speaking to iTnews, Perkinson said, "Deloitte has had an interest in digital currencies for quite some time, so this was a great opportunity to get involved. Digital currencies have....
The Australian government’s financial reporting standards agency is pushing for international action in the area of digital currencies. The Australian Accounting Standards Board (AASB), a government agency tasked with overseeing the country’s reporting standards, has published a new position paper ahead of a December meeting of members from the International Accounting Standards Board (IASB). In sum, the paper argues that a more defined standard is needed both for digital currencies as well as other kinds of intangible assets. The question of accounting standards has come up in the past,....
Deloitte, one of the “Big Four” accounting firms is launching an exclusive blockchain lab in New York’s Wall Street district to research and develop financial blockchain-based solutions. Calling 2017 the ‘make-or-break’ year for blockchain technology, the lab’s focus will look toward creating “ready-to-integrate” solutions for Deloitte’s clients in the financial services industry. To aid in its effort to develop deployable blockchain solutions, the blockchain lab will see over 20 developers and designers staffed under its roof. The effort will be client-focused, Deloitte says, and will now....
On Tuesday, one of the Big Four accounting organizations, Deloitte announced a strategic partnership with Ava Labs, the team behind the blockchain network Avalanche. According to the announcement, Deloitte’s new cloud-based platform leverages Avalanche in order to “improve security, speed and [the] accuracy of Federal Emergency Management Agency reimbursements.”
Deloitte to Utilize Avalanche Protocol to Enhance Newly Launched Close as You Go Platform
During the last few years all four of the Big Four accounting networks, PWC, Ernst & Young (EY), KPMG, and....