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The CA Institute recently constituted a 'Digital Accounting and Assurance Board' to foster a cohesive global strategy on aspects related to digital accounting and assurance, its President Nilesh Vikamsey has said.
DAAB will identify, deliberate and highlight issues in accounting (including valuation) and assurance (including internal audit) in the digital world, Vikamsey told BusinessLine .
CRYPTOCURRENCIES
Vikamsey also said the CA Institute and global accounting bodies were working towards deciding the ideal “accounting treatment” for cryptocurrencies.
One of the significant elements requiring immediate attention is the accounting treatment of cryptocurrencies given that they are getting recognised in major economies, both as a method of payment and store of value, he said.
There are concerns on use of cryptocurrency, including security and extent of regulation effectiveness. “While a more detailed assessment of the same is made from an accounting point of view too, there is not enough guidance on the same. The global accounting bodies and ICAI are actively working on the same,” Vikamsey said.
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