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The implications of digital assets for the accountancy profession

Accountants are increasingly encountering cryptocurrency and other cryptoassets, and ICAEW is supporting them on this, says Lesley Meall.

Whether it’s Tesla and Square adding bitcoin to the balance sheet, VISA and Morgan Stanley launching cryptoservices, or the non-fungible token craze, digital assets such as cryptocurrency are entering the mainstream. ICAEW Technical Manager (and ex-auditor) David Lyford-Tilley is not alone in exploring the implications for the profession of cryptocurrency, other cryptoassets and developments such as smart contracts, which are enabled by distributed blockchain ledger technology.

Uptake is spreading and accelerating, offering opportunities for firms of all sizes to achieve competitive advantage by providing clients with crypto-related services, as accountants overcome some of the technical and practical challenges, such as developing sufficient knowledge and understanding of this new asset class.