Blockchain groups focus on regulatory compliance, accounting, taxation, internal control

The Accounting Blockchain Coalition (ABC) launched four new member-driven working groups in Regulatory Compliance, Auditing and Accounting, Taxation, and Internal Control, the company said.

Each working group is tasked with providing blockchain information and materials that inform and educate, provide guides, use cases, and analysis to advance the use of blockchains in the accounting profession.

The Taxation Working Group will review, discuss, document and share existing industry best practices for operational process improvement and the tax treatment of digital assets including the impact of token classifications, gains and income from sales/forks/mining, token exchange implications, inventory and valuation methods, tax filings, and jurisdictional variances. The initial focus will be on US tax regimes with the expectation of branching out into international tax regimes initially on a comparative basis.

The Internal Controls Working Group will focus on the internal tools and processes companies may want to review to adapt to meet the updates and changes to information systems around the growing industry. The group will also focus on change management and legal compliance.

The Accounting Blockchain Coalition is an industry association formed to educate businesses and organizations on accounting matters relevant to digital assets and distributed ledger technology, including blockchain. Offering a platform for members to contribute their knowledge and expertise while fostering best practices, the ABC has three levels of membership including Charter, Promoter and Associate.