Zicklin Faculty by Areas of Expertise There may be vendors that want to be paid in crypto or stablecoin. Is it the miners? Is it really a sale or a license? “In that document, it laid out those businesses that it believes are at high risk when it comes to crypto transactions and the likelihood that there’s money laundering going on,” said Davis. They know what makes a successful business and pass on this knowledge in their teaching everyday. Faculty sponsor's first name Required for accounts of type Research Assistant. With corporations like MicroStrategy investing billions of dollars in cryptocurrencies, more companies are considering incorporating crypto into their business operations. Is it the holders? It has this utility where you can actually do things like create customer loyalty with owning a token associated with that particular brand. Head of Department for HR Management and Organisational Behaviour, Head of Department of Decision Analytics and Risk, Head of Department Digital and Data Driven Marketing, Professor of Strategy and Entrepreneurship, Professor of Computational Finance and Investment Analytics, Professor of Data Science and Information Systems, Deputy Head of School (Research & Enterprise), Professor of Strategy & International Management, Professor of Risk and Decision Sciences; Associate Director of Centre for Risk Research, Director of Internationalisation and Associate Professor in Marketing Research, Associate Professor of Organisational Behaviour and Human Resource Management, Associate Professor of Risk Analysis and Risk Management, Associate Professor of Business Analytics, Associate Professor of Strategy and Entrepreneurship, Associate Professor of Project Management, Director of the Advanced Project Management Research Centre (APROM), Associate Professor of Operations and Supply Chain Management, Director, the Centre for Inclusive and Sustainable Entrepreneurship and Innovation (CISEI), Associate Professor of Accounting, Director of PhD ProgrammesÂ, Associate Professor in Risk and Decision Analytics, Associate Professor in Business Analytics, Associate Professor in Operational Research/ Management Sciences, Associate Professor in Organisational Behaviour and Strategy, Head of Department of Strategy, Innovation and Entrepreneurship, Associate Professor of Risk and Decision Sciences, Associate Professor of Human Resource Management, Associate Professor (Reader) of Behavioural Operations; Head of Research at Department of Decision Analytics and Risk, Deputy Head of School (Education), Director of Postgraduate Programmes, Principal Teaching Fellow, Director of the Education Development Office, MBA Programme Manager, Senior Enterprise Fellow, Head of Teaching & Learning in Accounting Department, Departmental Head of Teaching in Strategy, Innovation and Entrepreneurship, Senior Teaching Fellow in Strategy and Entrepreneurship, Principal Teaching Fellow (Education Development), Senior Teaching Fellow in Strategy, Innovation & Entrepreneurship, Head of Teaching - Department of Digital and Data Driven Marketing, Senior Teaching Fellow in Organisational Behaviour and HRM, Assistant Professor in Accounting, UG Senior Tutor, Lecturer in Business Analytics / Management Science, Lecturer in Management, Professor at KU Leuven (Belgium), Lecturer in Knowledge and Information Systems Management, Lecturer in Organisational Behaviour and Human Resource Management, Lecturer in Operations Management, Director CORMSIS Business Liaison (China), Lecturer in Strategy and Entrepreneurship, Lecturer in Finance, Director of MSc Finance, Lecturer in Business Analytics/Management ScienceÂ, Lecturer in Accounting - Academic Integrity Officer for Undergraduate Programmes at Southampton Business School, Lecturer in Organisational Behaviour and HMR, Head of Research at the Department of Organisational Behaviour and HRM, and Director of Centre for Research on Work and Organisations (CRWO), Lecturer in Information Systems and ESRC Business and Commercialisation Fellow, Lecturer in Accounting, Undergraduate Admissions Tutor, Lecturer in Finance; Programme Director BSc Finance; Deputy Head of the Centre for Digital Finance, Teaching Fellow in Organisational Behaviour and Human Resources (OBHR), Teaching Fellow in Strategy, Innovation and Entrepreneurship, Assistant Professor of Management & Organisation in the Centre for Inclusive and Sustainable Entrepreneurship and Innovation (CISEI), Research Fellow at the Department of Strategy, Innovation & Entrepreneurship, Visiting Professor in Navigation Technology, Executive Assistant to the Head of School, Head of the Centre for Healthcare Analytics, Data Protection and Freedom of Information. We're so sure of it, that we offer a $17,000 per year scholarship to qualifying students who have passed at least one LETU dual credit course and then enroll as a … Email address. Not all NFTs are created equal, just like not all crypto is created equal. Students who take LeTourneau dual credit courses during their high school career make great LeTourneau students. Is it the broker-dealer type entities, etc. Download a PDF of our prospectus or order a printed copy to be delivered to your door. There’s really interesting questions around indirect taxes, like the sales tax or the VAT around the world. “Both of them are options, and there are service providers to provide that type of service. Scholar Assignments are your one stop shop for all your assignment help needs.We include a team of writers who are highly experienced and thoroughly vetted to ensure both their expertise and professional behavior. “When we looked at it, we didn’t see a lot of diversity in practice in the accounting … But there are other forms of crypto known as stablecoin, which try to peg their value to some external reference like a national currency, and so are less subject to volatility. It really creates potentially a derivative, which is different,” said Massey. Job interview questions and sample answers list, tips, guide and advice. How do you source a transaction? “It’s still early days, and we as yet haven’t seen a lot of evidence of widespread use of digital assets, notwithstanding some fairly recent one-off significant transactions, but beyond that we haven’t seen widespread use of it,” said SEC chief accountant Paul Munter during Baruch College’s financial reporting conference last week. "We also saw that there was an AICPA paper out there that I think does a great job of explaining particularly the intangible asset model and how it would be applied to digital assets that qualify as intangibles. Who We Are. Think about going through all of your accounting cycles and making sure that you’re tracking it when you’re using it for payroll, for a vendor, or for a customer. Contact us +44(0)23 8059 5000 +44(0)23 8059 3131 Address University of Southampton University Road Southampton SO17 1BJ United Kingdom Get directions › “You collected it because of your love of the game, not because you were hoping to make some profit on it in the future. Adjunct Faculty If the adjunct faculty member is not listed in the directory, please contact the individual academic department. Sometimes the sale of an NFT is more akin to a perpetual license than it is an actual transfer of a copyrighted thing,” he said. We provide flexible financing solutions to corporate borrowers and manage capital for a diversified group of institutional and high net worth investors. The auction of a work of art in the form of a nonfungible token, or NFT, by the artist Beeple in March by Christie’s for $69 million raised awareness of the intersection of cryptocurrency and real currency. “Some of it is coming from the individual who is saying, ‘If I had a choice, I’d rather be paid in crypto than in fiat.’ You’ve got online businesses that are increasingly looking at ways in which they could have their own tokens that are within their own ecosystem, and they might even have a rewards component. Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services. AB Private Credit Investors is the middle market direct lending platform of AllianceBernstein. You’re creating some type of customer loyalty by rewarding them with some additional tokens. Indiana CPA Society participates in virtual CPA Week; BKD releases benchmarking tool for higher education institutions; and more CPA news. “Obviously when you’re in a particular asset class like Bitcoin, the theory is that it will continue to rise in value,” said Davis. Helps you prepare job interviews and practice interview skills and techniques. Obviously if you’re utilizing a third party, then you want to do some due diligence, that this company has got the controls to be doing it effectively because you have some customer relationship risk that you’re ceding to this third party, but you also have some compliance risk as well. “The first decision they’ve really go to make is do they actually want to be accepting crypto themselves and holding it, or do they want to engage the services of an intermediary, who will essentially be cashing out the crypto for them, taking a fee and paying them in fiat,” said Davis. “Traditional crypto is one thing, and it’s continuing now with NFTs, which have a lot of popularity now,” said Massey. “You’re going to get to a different answer for corporate versus an issuer versus an investment company, and then you also have considerations about what it is you’ve invested in. The Internal Revenue Service is starting to provide tax refunds to taxpayers who paid taxes on their 2020 unemployment benefits that recent legislation later excluded from taxable income. Certainly there are some big names that have some presence in this space, but we didn’t see that broad material presence that meant it should be at the top of our standard-setting agenda.”. It might be a gaming platform or a social media platform, where you can create your own e-commerce environment on your own coin, and then possibly give the individual some ability to then cash out of the coin. “What can nonfungible tokens do? “There’s a number of people that believe it’s not too far out anymore that we can actually start using smart contracts and programmable money to elevate commerce,” said Massey. “I think the accounting treatment is going to be dictated based on the type of entity that holds it,” said Massey. What is the NFT and then what is the transaction? "Think about, first of all, what is it that they’ve created or bought? Alex is the Director of Special Projects and Initiatives at FRAC. Then what does it represent when it’s sold? “A casino, as an example, might be one where it provides the money launderer the opportunity to launder the money and get the proceeds back. What exactly do we mean by digital assets? “You’d probably want to pay attention to those types of entities and have some sort of risk-based decisioning on how and when you’d accept money from those kinds of entities and, if so, what additional checks and balances you might want to put in place.”. “There are some huge scoping issues here because not all digital assets are the same. We also have a team of customer support agents to deal with every difficulty that you may face when working with us or placing an order on our website. If you were buying a car, it’s a little more difficult because you probably have to then go sell the car to get the proceeds laundered, and I think it’s unlikely that most launderers would go to all that effort. “There are instances where you’re dealing in something, if you’re going to contract in a digital asset, a cryptocurrency which is moving in value, what does that do? “It’s certainly a risk I think all companies need to be concerned with, but it’s typically businesses where there’s an inflow and outflow that represent a much greater risk for money laundering,” said Davis. “If you think it’s not too far out, then why not start to engage in using crypto as a method of payment now, just in terms of readiness.”, Crypto can be complicated from a tax perspective. Beyond that, who are we talking about? “It does not make sense for a customer to pay in an asset that’s going to increase in price. The chairman of the Financial Accounting Standards Board, Richard Jones, said at the same conference that FASB decided not to add a project on digital assets to its agenda this year. We’re not used to a world of barter transactions. Here we are, the bean counters. As the value of assets like Bitcoin and Dogecoin rise, customers aren’t likely to pay in those cryptocurrencies. “When we looked at it, we didn’t see a lot of diversity in practice in the accounting for similar items,” he explained. Make sure you're getting it all. ?”, The chairman of the Financial Accounting Standards Board, Richard Jones, said at the same conference that FASB decided not to add a project on digital assets to its agenda this year. Every time you’re using it, you’re triggering a gain or loss. They can then exchange those tokens for other things in the environment. We tend to get involved in these really interesting conversations with innovative new models and take a step back. Alexandra Ashbrook. The account type of this user. The move comes after a significant surge in public support for the Black Lives Matter movement in 2020 following the murder of George Floyd. “That does bring some complexity. What it represents is going to bear weight in the accounting treatment as well as tax.”, NFTs might be treated like other collectibles. “Whenever you’re using something that is not fiat, then you’re realizing a gain or a loss from a tax perspective every time you use it, because the value that it has when you use it is probably different than your basis, so that triggers a gain or loss,” said Massey. It’s not impossible, but they are likely to choose easier ways to do it.”, He noted that the Department of Justice issued a cryptocurrency enforcement framework last year to indicate which kinds of businesses might be prone to such activity. The Securities and Exchange Commission is also keeping a close eye on the crypto market, although public companies still haven’t waded in too deeply yet. “Some of that is driven by the company just wanting to promote the asset class,” said Davis. “Retail-based companies don’t want to limit a customer that would prefer to pay in crypto by saying, 'We’re only going to accept payment in regular [currency.]' Then it requires a different level of tracking and frankly hygiene throughout your systems to make sure you catch it.”, In some cases, companies may want to use a reputable intermediary to process the payments for them. Lukka names new head of data and analytics, Kaplan deploys CGMA learning resources, and Intapp buys in Belfast. It’s also the sourcing. For reprint and licensing requests for this article. Quickly what they find out is there are a number of customers out there who would like to pay in stablecoin or crypto. So while that dynamic is out there, with cryptocurrencies increasing in value, I think you will see more and more customers preferring to pay in some kind of stablecoin. Accountants need to take note of price fluctuations in the crypto market, which can be different from how it works with regular currency. Department. Google Groups allows you to create and participate in online forums and email-based groups with a rich experience for community conversations. What is the property? And then that begins the journey of how commerce is evolving.”, Companies that want to get involved in the crypto world need to make sure they have the tax and accounting systems in place to handle it. Subscriber User type. If you’re accepting money in crypto, you at least have a responsibility to the Office of Foreign Access Control to make sure that you’re not accepting from what would otherwise be on a sanctioned or restricted list. Faculty sponsor's first name ... Department. “They want to be viewed as progressive. It just has that additional benefit that fiat doesn’t have.”, Some NFT owners have found that they couldn’t even access the NFT once it was purchased, and the accounting for an NFT is likely to be complex. Baruch College | One Bernard Baruch Way 55 Lexington Avenue (at 24th Street) | New York, NY 10010 646-312-1000 | [email protected] 646-312-1000 A lot of times, people pose the question assuming we’re just talking about Bitcoin, but in reality the spectrum of digital assets is very broad and continues to evolve. Where in the digital asset space are we trying to develop guidance for? Published date grouping: February 2015 Date: Feb. 26, 2015 Title: Conflicts, Conflicts Everywhere – Remarks to the IA Watch 17th Annual IA Compliance Conference: The Full 360 View Speaker: Julie M. Riewe, Co-Chief, Asset Management Unit, Division of Enforcement: Published date grouping: February 2015 Date: Feb. 25, 2015 Expiration date. IRS starts refunds for tax returns claiming unemployment benefits, Diversity efforts falling short in accounting and finance, Firms giving back: Anders CPAs raises $11.5K, Tech news: Financial Cents builds out practice management software, and more, Xero partners with Black professional groups to boost opportunity, On the move: Baker Tilly names new chief of staff. The Master of Management is taught at the University's Graduate School, located in Madrid city center's Puerta de Toledo campus. Private Credit Investors. If we were to think about a standard-setting solution, it has to start with a question of scope. Like what you see? There are things like information reporting, 1099s, so as we go down to these new concepts and increasingly marketplaces, where people can either issue or sell for the first time or resell, then it’s important for the accountants to step in. “We’re starting to see more and more corporates recognizing that as retail customers become more comfortable with holding cryptocurrencies, they are looking for other avenues to use that, rather than just investing in it,” said Tim Davis, a risk and financial advisory principal at Deloitte & Touche. “It’s almost the next evolution of baseball cards,” said Davis. Let’s figure out what it is.”. It’s all of our normal list of things we would consider, but it all starts with what is it that we’re transacting with? Finally when we think about our agenda, it's not just what would be a good accounting question to answer, but we also look at prevalence and to date we haven’t seen that broad prevalence. “They may decide to take it as a form of payment from their customer ... simply because it sounds cool,” said Rob Massey, global tax and blockchain assets leader at Deloitte Tax. Stablecoins are also becoming an important piece of the basket of currencies when we’re talking about how corporates can accept payments for that reason.”, Companies also want to get into the crypto trend to show customers they’re not falling behind their competitors. The use of crypto presents opportunities and challenges for businesses, but as with any new frontier, there are some unknown dangers, along with enticing incentives. A new paper from Deloitte, Corporates Using Crypto, offers companies an overview of the types of questions and insights they should consider as they determine whether and how to use crypto, including issues related to corporate treasury, strategy, operations, risk, compliance, accounting and tax. “There’s questions in there that would impact both the tax and the accounting treatment. We’re seeing them across a lot of different industries, in sports, media, and entertainment, even traditional financial services.”, Some companies are offering to pay their employees and directors in cryptocurrency, which could increase the use of NFTs. But you have to think through the platform that you’re going to use to provide it, make sure it’s going to be there for the customer when they need it, and you probably need some kind of backup option, so if it’s being kept on someone’s phone and the phone gets lost, they can come back to you, authenticate themselves, and get their copy back again. As businesses invest funds in cryptocurrencies and sell assets like nonfungible tokens, they should be aware of the accounting and tax issues surrounding them, or risk running afoul of regulators. It’s still early days, and we’re just starting to see the emergence of some of these marketplaces and portals, but it’s signaling the start of a trend that we’re going to see much more of is this ability to own things and to have the creator of that, the artist or producer, put some rights and conditions over that.”, The use of NFTs is likely to raise accounting and tax issues, but Massey had some advice. Some of that is making sure they’re providing the broadest possible outreach to how customers want to pay for the products and services.”. ... It’s not so much an investment vehicle. It just means you’re going to pay more for something than you would have otherwise. What kinds of things are we contemplating? The Master in Management (MiM) at Universidad Carlos III de Madrid is a one-year program designed to deliver management skills and knowledge to young graduates from a wide range of backgrounds and with little experience in the business world.. Southampton Business School staff are specialists in all the essential subjects and work alongside senior executives in many leading companies as part of their research. How would we scope it in a fashion that not only would be fit for purpose for the type of digital assets that exist now, but that may exist in the not too distant future? That’s kind of what it is for tax, because you’re using property of some kind that’s moving in value for property and services. There are many different varieties of them. There are some strategies organizations can use to hold onto diverse employees. Even if you’re not a financial institution, if you’re accepting crypto for payment, you still have that responsibility at a minimum when it comes to accepting payment.”, Companies need to be careful that they’re not being tricked into a money laundering scheme by accepting crypto payments. Chicago CPA Jeff Badu launches his own nonprofit to serve local youth, and the Indiana Society of CPAs holds its 2021 Spring CPA week.