The top accountant at the US Securities and Exchange Commission emphasized that companies are obligated to follow traditional reporting procedures regardless of if their assets consist of cryptocurrencies. These comments come as many companies are beginning to accept cryptocurrencies as a form of payment.

Wesley Bricker made these remarks on Monday while speaking to the AICPA National Conference on Banks and Saving Institutions in Washington DC.

Bricker emphasized that companies shouldn’t view cryptocurrencies as exempt from traditional accounting rules, and that it is critical for regulators and accountants to maintain accountability for all assets, whether physical or digital. He also added that "it is essential to keep in mind that innovations in technology can be the ally of a company's business and financial reporting activities, not their opponent."

Bricker’s comments on the importance of reporting digital assets in the same way physical assets are reported comes less than a year after he advocated for accountants to educate themselves on cryptocurrencies and the regulatory rules surrounding how they are to be treated, also advocating for increased awareness surrounding how ICOs and resulting profits/losses are to be reported.

This time, Bricker maintained a similar focus, explaining to the event’s attendees that it is "critical that we keep ourselves informed about emerging technologies so that the accounting profession can continue to perform the essential gatekeeper function for issuer compliance related to financial reporting."

The most important part of Bricker’s speech was his emphasis on how critical it is for corporations to treat smart contracts, blockchain based records, and cryptocurrency holdings/transactions with the same thoroughness as traditional data and assets.

“It follows that changes in technology need not work against investors and the public capital markets. Moreover, companies must continue to maintain appropriate books and records – regardless of whether distributed ledger technology (such as blockchain) smart contracts, and other technology-driven applications are (or are not) used.”

Bricker’s comments come as various US regulatory agencies, including FINRA and the SEC are moving to shut down illegally operating cryptocurrency operations, including venues selling ICOs that are deemed as securities.