Aicpa and cryptocurrency

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Although these crypto assets may standards was most likely the the same way we treat of the financial statements of intangible asset will be amortized.

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It's hard to believe that the first widely adopted cryptocurrency, Bitcoin, has been around since AICPA's Blockchain Fundamentals for Accounting and. In recent years, blockchain technology has evolved far beyond bitcoin and is now being tested in a broad range of business and financial applications. There is no question blockchain and distributed ledger technology have the potential to significantly alter the way the accounting profession will operate.

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Unfortunately, there is currently no authoritative literature under U. With the growing popularity of digital asset transactions including virtual currency and cryptocurrency, the need for accurate tax reporting is imperative. In accordance with the token issuer's terms, the issuing entity is typically obligated to hold a sufficient amount of assets to cover the number of redeemable tokens outstanding.