AICPA Issues Practice Aid on Digital Assets

The AICPA has issued a practice aid, Accounting for and Auditing of Digital Assets. The practice aid is nonauthoritative and provides guidance for financial statement preparers, as well as auditors with knowledge of blockchain technology, on “how to account for and audit digital assets under U.S. generally accepted accounting principles (GAAP) for nongovernmental entities and generally accepted auditing standards (GAAS), respectively.”