ICAI to prepare report on Bitcoins auditing

The Union Ministry of Corporate Affairs has assigned the Institute of Chartered Accountants of India (ICAI) to prepare a report on auditing of Bitcoins, an official said here on Thursday.

Accordingly, the institute has formed a panel to work on it and is expected to submit its report by end of March.

"ICAI is already on the job, and has formed a panel. It will submit its report by March 31, 2018. The study will look into how Bitcoin disclosures can be made in the financial statement," the institute's Council Member Debashis Mitra said.

According to him, data on the quantum of Bitcoin transactions by Indian companies is virtually non-existent.

The Ministry, however, may consider bringing in another amendment to the Companies (Amendment) Bill 2017 which received the President's assent on January 3.

"There may still be worries and hiccups, and companies may have their grievances. They are free to put forward their suggestions. The Corporate Affairs Ministry has an open mind," Ministry's Regional Director Alok Samantarai, said at an event here organised by CII.

He also called upon large corporates to set examples for smaller businesses and become role models.

--IANS

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