Twitter - شبكة المحاسبين العرب

الإثنين, 15 مارس 2021 13:45

دعم مهنة التدقيق الداخلي ونشر الوعي

مايو هو الشهر الدولي للتوعية حول التدقيق الداخلي

معلومات إضافية

المحتوى بالإنجليزية Promoting the Profession and Building Awareness
Promoting the Profession and Building Awareness
May is International Internal Audit Awareness Month
The IIA offers customizable tools, planning resources, and thought-provoking content to help advocate for and build awareness of the internal audit profession. Access our outstanding awareness toolkit, position papers, and thought leadership during May, International Internal Audit Awareness Month, and all year. Read more about those successes.
Building AwarenessAwareness Month Toolkit

Access creative ideas, tips, and easy-to-use tools and templates to promote the value of internal audit!

Download now.

Download the Building Awareness Champion form.

Remember to also promote the profession on your favorite social media channels. Check out our Facebook page to see photos of what others are doing to celebrate International Internal Audit Awareness Month, and join in the conversation on Twitter at #IIAMay.

2020 Building Awareness Champions
Congratulations to our 2020 Building Awareness Champions!

Rising to the challenges presented by a global pandemic, these Affiliates and Chapters promoted the internal audit profession beginning in May during International Internal Audit Awareness Month and continuing in the months following. Through a variety of virtual events and awareness campaigns designed to inform and engage, they shared their passion for internal auditing, raising awareness of the profession and helping stakeholders understand the value of internal audit in their organizations. Read more about those successes.

IIA–Guatemala
IIA–Haiti
IIA–Korea
IIA–Lebanon
IIA–Nicaragua
IIA–Palm Beach County Chapter
IIA–Panama
IIA–Paraguay
IIA–Philippines
IIA–Singapore
IIA–Sweden
IIA–Turkey
UAE IAA
IIA–Uganda
IIA–Uruguay
IIA–Vancouver Chapter
IIA–Venezuela
IIA–Argentina
IIA–Bahamas Chapter
IIA–Bangladesh
IIA–Belgium
IIA–Brazil
IIA–Calgary Chapter
IIA–Chile
IIA–Chinese Taiwan
IIA–Colombia
IIA–Costa Rica
IIA–Cyprus
IIA–Dominican Republic
IIA–Ecuador
IIA–El Salvador
IIA–Finland
FLAI
IIA–Greece
Promoting the Profession and Building Awareness Resources

Advocacy Resources

Position Papers
Position Papers

Share thought-provoking content to inform and educate stakeholders on issues of importance.

Download now.

Thought Leadership
Thought Leadership

Get a complimentary subscription to Tone at the Top, a newsletter covering all governance-related topics.

Subscribe today.

Informational Resources

20 Ideas for Getting the Word to Students About Internal Auditing
Adding Value Across the Board Brochure
This brochure addresses how internal auditing contributes to strong corporate governance.
All in a Day's Work Brochure
This brochure addresses the varied roles of internal auditors.
Getting to Know Internal Auditing
This PowerPoint presentation provides and overview of the internal audit profession. It compares internal audits to financial statement audits and identifies internal audit stakeholders, ideal reporting relationships, and more.
Global Fact Sheet
Internal Audit Legislative and Regulatory Guidelines
US Fact Sheet
Value of Internal Auditing: Assurance, Insight, Objectivity
This PowerPoint presentation describes the value of internal auditing to stakeholders.

Actionable Resources

An Elected Official at Your Event
This document offers tips on how to get an elected official to attend your IIA event.
Awareness Month Poster
You can display this Awareness Month poster in your office during May to remind everyone to "Shout It Out!"
Building Internal Audit Awareness Poster
International Internal Audit Awareness Month banner image
This graphic serves as a reminder to celebrate International Internal Audit Awareness Month during May.
International Internal Audit Awareness Month Logo (Optimized for the Web)
This 750 pixel PNG image has been optimized for the web.
International Internal Audit Awareness Month Logo (Print Quality)
This 750 pixel JPG image is suitable for printing.
International Internal Audit Awareness Month Reminder Message
Media Relations Primer
This document provides guidance for working with the media and includes tips for establishing spokespersons, suggested topics to pitch to the media, tips for publicity, steps for making a media pitch, and additional guidance for spokespersons.
News Release Tips and Sample News Release Template
This document features tips on how to prepare a news release and includes a sample template for a news release.
Proclamation Guidelines and Procedures
This document outlines the recommended guidelines and procedures for requesting a proclamation.
Sample Lesson Plan
Sample Letter to the Editor
This is an example of an opinion editorial (op-ed) article that promotes internal auditing. It was published in a local newspaper in Orlando, Fla.
Stakeholders' Panel Discussion
This document includes steps for holding a stakeholder panel discussion during an IIA chapter meeting.
Suggested Wording for the Proclamation
This template offers suggested wording for a special proclamation recognizing May as International Internal Audit Awareness Month from your state governor, city major, head of state, or other well-known official.
Your Internal Audit Team
This PowerPoint presentation helps you explain to others in your organization what they can expect from your internal audit team.

نشر في محاسبة و مراجعة

موسومة تحت

الخميس, 04 مارس 2021 12:57

الشركات التي تستثمر في العملات المشفرة تتعرض لمفاجأة محاسبية

بدأت الشركات في شراء الأصول الرقمية مثل بيتكوين لتعزيز سندات الخزانة الخاصة بها

معلومات إضافية

المحتوى بالإنجليزية Companies investing in crypto may be in for a rude accounting surprise
By Michael Cohn
February 25, 2021, 4:44 p.m. EST
6 Min Read
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Corporations are starting to buy digital assets like Bitcoin to bolster their treasuries, but the volatility in prices could put a dent in their balance sheet.

A new report from Deloitte examines the trend of companies allocating their funds toward buying virtual currency and other digital assets. The business intelligence software company MicroStrategy, for example, disclosed in December that it purchased over $1 billion in Bitcoin in 2020. This month, car maker Tesla announced it bought $1.5 billion in Bitcoin and will accept it as a payment. Tesla CEO Elon Musk has also tweeted about his investments in the digital currency Dogecoin. Twitter too is reportedly mulling the purchase of Bitcoin to boost its reserves, while Twitter CEO Jack Dorsey said in 2019 that he has been purchasing $10,000 in Bitcoin each week. The Deloitte paper offers guidance to companies on investing in digital currencies for their treasuries, including the accounting and reporting considerations, tax implications, risks and internal controls.

The most commonly accepted accounting treatment for cryptocurrencies in the U.S. requires writedowns of losses, which can be common given the volatility of many digital currencies, but the rules don’t permit “writeups” of gains. That could potentially mislead investors when they’re reviewing financial statements, so companies may need a stronger non-GAAP financial disclosure system to keep investors informed about digital assets that are gaining in value.

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“For most companies in the U.S., U.S. GAAP accounting rules really require you to account for those investments like an intangible asset,” said Amy Park, an audit partner in Deloitte’s national office for accounting and reporting services who specializes in consolidation, financial instruments and digital assets, who co-wrote the report. “If you think about how some of these companies are using this, they’re looking at this as a form of investment. That may be a little counterintuitive, but in the accounting rules, you have to look at the specific definitions. When you look at the definition of a cash equivalent, or inventory, or financial instruments per se, the accounting definitions don’t really line up with what Bitcoin is. It really falls into this intangible model.”

Companies typically have to account for an intangible asset initially at cost, which is probably the fair value of what they’ve paid for it on day one. “You have to assess that asset for potential impairment, but not like other financial instruments,” said Park. “You don’t get to really mark-to-market, or account for the appreciation in value related to that asset.”

Unlike a traditional company stock investment, companies need to treat cryptocurrency differently. “I usually will think of the value I can sell it to somebody else in the marketplace as what it’s worth to me today,” said Park. “The accounting for that financial asset or financial instrument is mark-to-market, so if the value goes up or the price goes up, I can mark it up on my balance sheet. As the price goes down, I can mark it down on my balance sheet. But with the intangible asset, you’re not in that model, so as the price goes up, you don’t get to recognize any of that appreciation on your books. As the price goes down, if it’s impaired, you do have to reflect that on your books, so you sometimes end up with the downward adjustments, but no potential upward adjustments, which can be challenging because I think some companies are viewing this as very similar to an investment or a financial asset but the accounting doesn’t allow that.”

That means companies may not be getting what they bargained for when they made the decision to invest in cryptocurrency in the hopes of growing their assets. “For companies who are looking at Bitcoin as a form of investment, who are looking to hold it over the long term, and the price is potentially going to go up over the longer term, not necessarily day trading per se, I think a lot of those companies may feel like they should get the benefit of writing it up when the value goes up, and writing it down when the value goes down, but the accounting model doesn’t allow for that,” said Park.

Companies will also need to be aware of the tax rules. In general they don’t need to pay taxes on the holdings, only when they sell the cryptocurrency. “It’s only when you convert it back to fiat [currency] that you have a taxable event, but the tax rules are complicated in a way that does not track the accounting rules,” said Tim Davis, a principal in the risk and financial advisory practice of Deloitte & Touche. “This is kind of a lesson to learn for companies. It’s really important to understand the tax obligations because they can change depending on your intent. You can have the same cryptocurrency, but depending on how you’re using it and your intent for it, it could end up being taxed differently, which is true in other areas as well, but it’s particularly true in this case.”

Companies will need to be careful in how they are tracking the digital assets for tax purposes. “On the tax side some of the difficulty is that you’re dealing with an asset that’s sometimes fungible, so when you have a realizable taxable event — when you’re converting it into cash or ultimately selling it — really being able to identify your basis in that asset can be challenging depending on how operationally you’ve structured your wallet to make sure that you’re appropriately segregating different assets that came onto your tax books at a certain cost basis,” said Park.

The IRS has added questions to the Form 1040 on the individual tax side asking about cryptocurrency holdings and sales. The Securities and Exchange Commission has also been keeping a close eye on cryptocurrency, especially initial coin offerings that may be fraudulent.

“The SEC has not really been dissuading companies from investing in this, but the SEC continues to have a very strong retail protection mandate, and that’s true here,” said Davis. “They do want to make sure that the retail investor has adequate disclosures relative to making investment decisions. There is still a fair amount of uncertainty around how the rules are getting applied relative to when a cryptocurrency is being considered a security. There are ongoing lawsuits with the SEC right now. As we get more and more of this, it will continue to clarify the legal precedent around under what circumstances a cryptocurrency can and should be considered a security.”

Companies will probably need to be careful, especially if they’re thinking of getting involved in an ICO. “One caution for companies that are selecting cryptocurrencies is they may want to get legal advice, particularly if there is some sort of a capital generation event like an initial coin offering where the founders are actually raising money and you’re buying into the cryptocurrency as part of that funding round,” said Davis. “It might be advisable that you get your own legal counsel input on whether this represents any risk that it might actually be a distribution of what would then be an unregistered security. Obviously if that were to be the case, after the fact, it would likely significantly impair the value of that investment.”

Other regulatory agencies, such as those overseeing banks, also have anti-money laundering and Know Your Customer controls in place over the sourcing of cryptocurrencies, and in that case it’s a good idea to work with a reputable exchange. “Typically if the company buys cryptocurrency from a reputable cryptocurrency exchange, that exchange will have robust AML and KYC checks, so they can be fairly well assured that those steps are happening before they’re acquiring,” said Davis.