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Finance

Deloitte Backs Bitcoin Accounting Standards Effort in Australia

Professional services company Deloitte has partnered with an Australian digital currency trade group to develop new accounting standards.

By Stan Higgins
AccessTimeIconJul 20, 2015 at 6:10 p.m. UTC
Updated May 9, 2023 at 3:02 a.m. UTC
Accounting

Professional services company Deloitte has partnered with an Australian digital currency trade group to develop new accounting guidelines for businesses that handle bitcoin.

According to a report by Australian business news service iTnews, Deloitte will cooperate with the Australian Digital Currency Commerce Association (ADCCA) as part of a working group focused on accounting and self-regulation standards.

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    • Deloitte Australia partner Jonathan Perkinson told iTnews that "digital currencies have a lot of momentum" and that more work is needed to clarify key tax and regulatory issues.

    "With ADCCA, we’ll be working on the strategic, tax and regulatory changes that will need to happen, and we’ll be recommending and challenging specific changes in those arenas," he said.

    The news comes after Deloitte told CoinDesk it had spent the last year and a half investigating bitcoin and the blockchain for potential business applications.

    ADCCA counts 18 regional businesses as members, according to its website. Founded last year, the group aims to be the key representative for companies working in Australia's digital currency and financial tech ecosystems.

    Disclosure

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.