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As federal government agencies like the Department of Justice (DOJ), Department of Homeland Security (DHS), and the Internal Revenue Service (IRS) navigate through this complexity, stakeholders are expecting accurate, timely and comprehensive digital asset information to make informed decisions. Following a rise in seized and forfeited digital assets, the Federal government agencies are raising anticipation of materiality impacting financial reporting.
Historically, the Statement of Federal Financial Accounting Standards (SFFAS) 3, Accounting for Inventory and Related Property did not provide clear guidance to address reporting considerations for seized and forfeited digital assets. The Federal Accounting Standards Advisory Boards determined a new technical bulletin (TB) was necessary to reduce the risks that are inherent to digital assets.
Here's what Guidehouse experts say financial leaders should know.
Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries, the firm collaborates with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future.