By Stepping Up, Controllers Can Keep Pace With New Demands – Risk & Compliance Journal

How controllers can position themselves to serve as valued strategic partners to the CFO and the business.

As CFOs continue to rearrange their priorities, controllers can expect to find their own portfolio of responsibilities expanding.

Part 1 of this article series explained why CFOs will likely place greater demands on controllers in the post-pandemic economy and listed seven opportunities that controllers can seize to extend the value they provide to CFOs and to the business. The article explored the first three of those opportunities: reporting critical metrics and value drivers of the business in near real time; rethinking disclosures to support investor decision-making; and improving capital allocation decisions and investment performance. What follows is a discussion of the four remaining opportunities.

Driving Information and Data Governance and Systems Initiatives

The opportunities for controllers to add value, whether in the areas of metrics and drivers, disclosures, or capital allocation, are

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Bitcoin Holdings: Why Tax and Accounting Matter – Risk & Compliance Journal

The second part in the series addresses accounting, tax, and SEC reporting considerations.

As companies consider investing in bitcoin or other cryptocurrencies, their finance and reporting organizations will need to have a clear understanding of the accounting and tax treatments these new assets require.

Prevailing accounting principles were, of course, largely established at a time when digital assets were not yet even contemplated. U.S. Generally Accepted Accounting Principles (GAAP) do not offer specific guidance for the treatment of digital assets, and, to date, the Financial Accounting Standards Board (FASB) has decided not to add a project on accounting for cryptocurrencies. For those reasons, a company’s accounting function must draw on existing U.S. GAAP to facilitate accounting for digital assets.

First, the accounting will be determined by what the company is accounting for. What is it investing in? If a company is not subject to specialized industry guidance, practice has

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