Australian Government Pushes for Bitcoin Accounting Standards …

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The Australian government’s financial stating standards group is pulling for general movement in a area of digital currencies.

The Australian Accounting Standards Board (AASB), a supervision group tasked with overseeing a country’s stating standards, has published a new position paper forward of a Dec assembly of members from a International Accounting Standards Board (IASB). In sum, a paper argues that a some-more tangible customary is indispensable both for digital currencies as good as other kinds of unsubstantial assets.

The doubt of accounting standards has come adult in a past, though a AASB’s paper competence be one of a some-more material to date. Its recover comes amid a argumentative pierce by a Internal Revenue Service, a tip US taxation agency, to find user annals from digital banking sell Coinbase.

According to a AASB paper, “clear” superintendence is indispensable by accountants operative with people or companies that hoop digital currencies.

The paper’s author, Deloitte executive Henri Venter, wrote:

“In a opinion, given a problems identified and a fast expansion of digital currencies, customary environment activity is compulsory to yield transparent accounting superintendence for preparers and to safeguard that financial statements yield applicable and useful information


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