Deloitte Backs Bitcoin Accounting Standards Effort in Australia

Professional services company Deloitte has partnered with an Australian digital currency trade group to develop new accounting guidelines for businesses that handle bitcoin.

According to a report by Australian business news service iTnews, Deloitte will cooperate with the Australian Digital Currency Commerce Association (ADCCA) as part of a working group focused on accounting and self-regulation standards.

Deloitte Australia partner Jonathan Perkinson told iTnews that "digital currencies have a lot of momentum" and that more work is needed to clarify key tax and regulatory issues.

"With ADCCA, we’ll be working on the strategic, tax and regulatory changes that will need to happen, and we’ll be recommending and challenging specific changes in those arenas," he said.

The news comes after Deloitte told CoinDesk it had spent the last year and a half investigating bitcoin and the blockchain for potential business applications.

ADCCA counts 18 regional businesses as members, according to its website. Founded last year, the group aims to be the key representative for companies working in Australia's digital currency and financial tech ecosystems.