SEC Believes Cryptocurrencies Must Not Affect Accounting Records
September 19, 2018
The chief accountant for the US Securities and Exchange Commission Wesley Bricker has stated that companies have to meet general accounting standards when processing blockchain and digital assets.
As he put it, innovations may turn allies for enterprises in financial reporting rather than opponents.
Bricker notes that chief accountants have to be aware of and understand modern technologies to maintain financial reports in full compliance with legislation:
“Companies must continue to maintain appropriate books and records – regardless of whether distributed ledger technology (such as blockchain) smart contracts, and other technology-driven applications are (or are not) used”.
Bricker added that digital assets and distributed ledgers do not influence the basics of accounting so it must be maintained in accordance with actual standards.