The Board will act to foster a strategy on aspects related to digital accounting and assurance.
The Institute of Chartered Accountants of India has constituted Digital Accounting and Assurance Board (DAAB), which will act to foster a strategy on aspects related to digital accounting and assurance.
The Board will identify, deliberate and highlight issues in accounting (including valuation) and assurance (including internal audit) in the digital world, ICAI President Nilesh Vikamsey told BusinessLine.
As per him, the CA Institute and global accounting bodies were putting their efforts to create an ideal “accounting treatment” for cryptocurrencies.
“While a more detailed assessment of the same is made from an accounting point of view too, there is not enough guidance on the same. The global accounting bodies and ICAI are actively working on the same,” Vikamsey said.
The digital economy has transformed the contours of businesses and in order to assess the accounting and auditing issues in this emerging scenario caused by data analytics, artificial intelligence and issues like cyber security, etc, ICAI has set up the Board.