Digital Assets Don’t Change Reporting Needs, SEC’s Top Accountant Says

The chief accountant for the Securities and Exchange Commission has said that companies have a responsibility to follow accounting standards when working with blockchain and digital assets.

Wesley Bricker spoke before the AICPA National Conference on Banks & Saving Institutions in Washington, D.C., on Monday, remarking that “it is essential to keep in mind that innovations in technology can be the ally of a company’s business and financial reporting activities, not their opponent.”

Blockchain applications were one of the major focuses in Bricker’s speech, coming less than a year after he advocated that accountants in the U.S. get up to speed on information about cryptocurrencies and other digital assets. At the time, he spoke directly about companies or people that conduct initial coin offerings (ICOs).

Bricker’s focus on Monday was, once again, directed at American companies and the accountants responsible for keeping their books. He told event attendees that it is “critical that we keep ourselves informed about emerging technologies so that the accounting profession can continue to perform the essential gatekeeper function for issuer compliance related to financial reporting.” […]

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