The chief accountant of the SEC: Blockchain-companies still have to comply with the financial reporting
Wesley Bricker, chief accountant of the securities and exchange Commission (SEC), said that the emergence of digital assets and the blockchain technology does not change the “fundamental responsibility” of companies, when it comes to their financial statements.
Comments Bricker was done in the framework of the speech before the AICPA National conference on banks and savings institutions in Washington, D.C., Monday, September 17.
Bricker emphasized that it is important that the accounting profession did not lag behind from new technology, to adequately fulfil its role.
He also noted that innovation in technology can be an “ally of the business activities of the company and financial reporting, not its enemy.”
“This implies that changes in technology should not work against investors and public capital markets. In addition, the company must continue to maintain appropriate books and records — regardless of whether you use (or not use) smart contracts Blockchcain and other technological applications”.