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Valuation Consideration for Non-Fungible Tokens or NFTs

No Tulip Bulbs Here! What is a non-fungible token (NFT)? How are NFTs valued? This article discusses NFTs and the valuation challenges these present. What is a non-fungible token (NFT)? Recently, the media has seemed to catch on to the new(ish) invention—NFTs. Even the recent episode of Saturday Night Live (SNL) has featured an entertaining segment explaining the nature of NFTs to the rhythmic beat of an Em ...

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Risk and Fraud

in the Cryptocurrency Economy Although cryptocurrency and blockchain technology create an environment that can help combat fraud within their systems, their introduction into the global economy has opened numerous doors for nefarious activity. This article provides an overview of what is cryptocurrency, blockchain technology, and the rise of threats to digital assets. Fraud used to be much simpler for the f ...

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The Internet is Growing Up

The Future is Here This article describes the background, concepts behind, and implications of blockchain technology deployment for commercial, governmental, and personal use. QuickRead readers are aware of proposals to move entirely away from cash (bills and coins) for daily transactions. Such a move is expected to create a major inconvenience for those without access to credit cards and basic banking serv ...

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Blockchain Trends

For 2020 and Beyond Merriam-Webster dictionary defines blockchain as a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network. In this article, the author predicts blockchain trends and its impacts of the accounting profession. With a new year comes changes across multiple facets ...

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What’s the Difference Between a Private and Public Blockchain?

Blockchain is forecast to transform many industries by providing fast, verifiable transfer and tracking. At its core, blockchain is a distributed ledger that records transactions between every user in the chain. Although it’s commonly regarded as a single technology, there are different types of blockchain: public and private. To read the full article in In The Black, click: What’s the Difference Between a ...

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CPAs’ Top Five Questions About Blockchain, Cryptocurrencies

Tax ramifications, smart contracts, and job security are among the issues top of mind for accountants. Given blockchain's rapid rise into the accounting consciousness, it is no surprise CPAs have many questions about the technology. This article addresses five of the most pressing concerns I encounter regarding blockchain, smart contracts, and cryptocurrencies such as bitcoin. To read the full article in th ...

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How Smart Contracts Can Create a Competitive Edge

Removing third-parties speeds transactions and reduces their cost. CFOs and finance departments are always looking for reductions in cost and increases in speed and efficiency in business engagements. One option that is attracting more attention is the smart contract. To read the full article in the Journal of Accountancy, click: How Smart Contracts Can Create a Competitive Edge. ...

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The Accounting Skills Most in Demand

Employment and salary prospects for accountants are healthy across the board, but professionals with up-to-date expertise in data collection and analysis are most in demand, say recruitment specialists. To read the full article in InTheBlack, click: The Accounting Skills Most in Demand. ...

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Public vs. Private Blockchains: What CPAs Should Know

If you or your organization is interested in adopting blockchain technology, you need to know the difference between public and private blockchains.  One might be a better option than the other.  This blog post can help you decide. To read the full article in AICPA Insights, click: Public vs. Private Blockchains: What CPAs Should Know. ...

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How AI, Blockchain, and Automation Will Reinvent Accounting

The accounting profession sits on the cusp of unprecedented change.  Transformative technologies will reshape virtually every corner of the accounting world.  For CPAs to survive and thrive, they will need to learn—and unlearn—on a scale and at a pace that can seem overwhelming.  To help CPAs prepare, the JofA gathered three of the profession’s top technology experts for its annual accounting technology rou ...

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Blockchain Considerations for Management and Auditors

Members of the accounting profession are being challenged to gain a deep understanding of how ledger technology and digital currencies work.  As the use cases for blockchain multiply, accountants and auditors need to consider how the existing accounting and auditing rules relate to distributed ledger technology. To read the full article in the Journal of Accountancy, click: Blockchain Considerations for Man ...

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Bitcoin Seeks Recognition from U.S. GAAP

The FASB is conducting early stage research about developing an accounting standard for digital currency and the technology that underpins it.  With the use of digital currency increasing, proponents say inconsistent accounting practices are becoming a problem. To read the full article in Thomson Reuters, click: Bitcoin Seeks Recognition from U.S. GAAP. ...

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Six Traits of Leading Finance Functions

CFOs are eager to make the finance function more efficient and useful.  Samantha White, CGMA Magazine senior editor, explains what leading finance functions have in common. To read the full article in CGMA Magazine, click: Six Traits of Leading Finance Functions. ...

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