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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

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.

Jul 20, 2015 at 6:10 p.m. UTC
Updated Sep 11, 2021 at 11:47 a.m. UTC

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.

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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