Many countries are ahead of the US in the adoption and implementation of regulations in this area, and one participant cited regulatory frameworks from the governments of Singapore and Switzerland as possible templates to be considered in the US.

Unfortunately, we see the possibility of state-by-state regulation of this area instead of federal leadership, which could make it very difficult for the US to take a leadership role in this area.

How can we get some вЂњsafe harborвЂќ guidance for these unresolved issues so that we can deal with this rapidly emerging area?.

How does one calculate the accounting and tax basis of bitcoins received in exchange for mining currency?.

Is a token a security, an asset, a liability, an expense, revenue or something else?.

What represent constructive receipt of a token?.

The profession needs to work with many regulators to address the unresolved regulatory issues with agencies like the SEC, IRS, FASB, PCAOB, and numerous state departments of revenue and securities regulators.

Authoritative guidance from the profession is clearly needed вЂ“ perhaps an accounting/auditing guide for crypto-based ledgers and ICOвЂ™s?.

Because itвЂ™s such a new area with new risks, there are clear issues related to client acceptance, what constitutes sufficient competent evidential matter, and how transactions should be recorded and disclosed for book and tax.

It is clear from observations and behaviors viewed by the participants that cryptocurrencies and ICOвЂ™s are a major focus of law enforcement agencies and regulators, while the lack of guidance and caselaw makes it difficult for practitioners to hang their hats on available precedents to make good decisions.

The general understanding of the basic terms and concepts related to blockchain needs improvement in the profession.

Some of the items which I recorded in my notes include the following: We discussed a wide range of issues where practitioners, clients, regulators, and taxing authorities need guidance to make it possible for us to do business more easily. AICPA will create working groups and an action plan in June, and the initial deliverables will be released at the end of November. The groups evaluated these questions and created a list of possible strategies for a report which will be issued by the end of May. Prior to the symposium, each participant was asked to submit questions related to unresolved issues surrounding blockchain ledger technology and its use in the profession.

The 64 participants were divided into three working groups for each of two sessions addressing accounting, auditing, tax, legal/regulatory, education, and privacy. This meeting, which included leaders from around the profession, including practitioners, educators, consultants, and AICPA leadership, was the kickoff of an effort by the profession to address the accounting, auditing, tax, and regulatory issues associated with distributed ledger technologies and assist members in understanding how they work, where they make sense, and what issues they should evaluate associated with their use. I was fortunate to be selected to participate in the AICPA/CPA.com Blockchain Symposium, which was held at the AICPA offices in New York.

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