ICAI working on paper on cryptocurrency assets

Synopsis

The report will cover taxation implications, valuation and auditing of crypto and other virtual digital assets (VDAs), the premier professional accounting institute said. It will submit the report to the Centre by April end. “This (crypto) is a complex topic and we are seized of the matter,” ICAI president Debashis Mitra said.

The decision to do a research paper follows requests by many members who were gripping with an asset class which is comparatively new to them, he said.Institute of Chartered Accountants of India (ICAI) on Tuesday said it is working on a research paper on guiding its members on accounting and auditing standards for cryptocurrency assets.

The report will cover taxation implications, valuation and auditing of crypto and other virtual digital assets (VDAs), the premier professional accounting institute said. It will submit the report to the Centre by April end.

“This (crypto) is a complex topic and we are seized of the matter,” ICAI president Debashis Mitra said.
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The decision to do a research paper follows requests by many members who were gripping with an asset class which is comparatively new to them, he said.

“Auditing crypto is complex, given the nature of its transaction,” Mitra said. “So, even when the taxation part is somewhat clear, auditing it is tricky. That is why we felt the need to work on the paper on it which will bring better clarity on the matter.”

The Union Budget 2022-23 has proposed a 30% income tax on crypto assets from April 1. Besides, a 1% TDS on payments towards virtual currencies beyond Rs 10,000 in a year and taxation of such gifts in the hands of the recipient has been proposed. The industry has sought clarification on several aspects of levy on tax on transactions of virtual digital assets.

Social Audit Standard

Mitra said the markets regulator, the Securities and Exchange Board of India (Sebi), has asked ICAI to prepare a Social Audit Standard for NGOs and not-for-profit organisations.

This will cover the impact reporting and specific Social Audit Standards with respect to sub-themes of social impact such as poverty and nutrition, covering aspects such as scope, engagement acceptance, basic principles, audit procedures and documentation.

ICAI is working on it and is expected to prepare a draft and submit it to Sebi by the end of this year.

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Updated: 03/23/2022 — 13:00