Crypto notches a win among professional accountants
The Financial Accounting Standards Board made a change in October to help public companies that hold cryptocurrencies on their balance sheets. In his regular column, J.W. Verret, a law professor, attorney, CPA, and head of the Crypto Freedom Lab covers law and regulation of cryptocurrency with a focus on decentralized finance (DeFi) and financial privacy.Institutional adoption is an exciting yet frustrating topic in crypto. The true modern-day crypto inheritors of the 90s cypherpunk legacy have a vision for crypto as human empowerment through decentralization. That vision includes breaking....
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A new essay from the CEO of the International Federation of Accountants, an organization that boasts more than 2.5 million accountants and 179 member-organizations among its ranks, suggests that there is a growing belief in the industry that bitcoin technology could revolutionize fiscal and corporate governance. The article, penned by IFAC CEO Fayez Choudhury, posits that bitcoin presents both opportunities and challenges for accountants, and argues that accountants are uniquely placed to help determine the role that bitcoin will play in global finance. Choudhury suggests that bitcoin....
Blockchain could change the way accountants generate revenue, according to a report published yesterday by the Association of Chartered Certified Accountants (ACCA). The group, which boasts more than 180,000 members worldwide, said in its report that the kinds of services accountants provide may evolve depending on how the technology is adopted. These changes, the report's authors note, may impact the income of accountants as well. While the report notes that "it will take time" to see how distributed ledger adoption affects revenues for accountants, it does caution that....
The Digital Currency Council (DCC) was newly officially launched. The press release described DCC as 'a new professional association created to foster best-in-class practices for lawyers, accountants, and financial professionals in the digital currency economy through training, certification, and ongoing support.' CCN had a talk with David Berger, the man who came with the idea behind DCC. Hello, Mr. Berger. Just to make sure our readers are up to speed, can you briefly explain again what DCC is? Yes, definitely. The DCC is a professional association for lawyers, accountants, and financial....
Even though, terms like 'mining' and 'blocks' are used in Bitcoin they may not be the best metaphors. For practical users, Bitcoin is better thought of as a network of private accountants. The accountants compete against one another in the world's fastest guessing game to maintain a ledger. When an accountant makes a correct guess they get to write a new page and receive a wage. The Bitcoin protocol enforces strict rules on the accountants. New pages follow a template. The accountant records a little "for office use only" information and fills the rest of the page with Bitcoin transactions....
The Denver Broncos is for sale, and a group of crypto aficionados is attempting to acquire it by raising more than $4 billion via a decentralized autonomous organization. The BuyTheBroncos DAO comprise some of the best minds in the business: legal counsels, financial experts, certified public accountants, software engineers, professional athletes, and a mathematician. So, […]