Time: Friday, Dec 18, 2020, 10:00 AM Singapore
Decoding cryptocurrencies 1: Accounting and tax issues facing the new kids on the block.
Join us at the first of our two-part crypto webinar series: Cryptos aren’t just for Christmas (They are for life).
Our head of Tax, David Sandison and Financial Reporting Advisory leader Chetah Hans, will be trying to help businesses decode the fundamental issues around accounting for, and the taxation of, transactions in digital tokens, more commonly referred to as “cryptos".
Cryptos such as Bitcoin, have established themselves in less than a decade, as a new asset class to be reckoned with. They are here to stay, and you ignore them at your peril. As the world has never seen their likes before, significant questions arise as to how to recognise, measure and disclose transactions in them. And since there are no current accounting standards that specifically address their treatment, it becomes a question of reaching for existing Financial Reporting Standards to determine how they should be approached.
The same applies to tax. Current legislation does not specifically cater for their existence, and so the tax treatment rests on identifying which aspects of existing law might best be adapted to fit.
In this webinar, we highlight the fundamental accounting and tax questions that are currently being debated, and share our views on how accounting and tax rules could be applied to a whole variety of common situations.