CPAs Try to Squeeze Crypto into Accounting, Audit Rules

Whether a digital coin should be considered an intangible asset and how auditors should vet ownership and control of that token are among the many questions new guidance should help answer.

The American Institute of CPAs is finalizing guidance aimed at helping accountants and auditors apply existing U.S. standards to digital assets like bitcoin and ether, with the first batch of recommended practices to be released later this year.

Accounting and auditing standards are mum when it comes to digital asset, but as the volume of cryptocurrency trading grows, more companies and nonprofits find themselves having to account for such ...