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February 5, 2023

Friday Footnotes: About Blockchain; GDPR; Tracking Randoms? | 5.1.20

What Should Your CPA (Really) Know About Blockchain? [Forbes] Taxation, financial reporting and disclosure, and helping to instill confidence, via audits, in valuations of cryptoassets, are at least partially dependent on accountants being able to handle the workload associated with blockchain. Simultaneously there has been debate about what blockchain, and what blockchain as it connects to other emerging technologies, means for the future of accounting. Will auditors be made irrelevant? Can CPA’s and accountants keep up? What does this mean for financial reporting, and other areas like environmental, social, and governance (ESG) reporting?

Tech firm: GDPR ‘in danger of failing’ due to lack of resources [Compliance Week] A new report says Europe’s data protection regulators don’t have the skills, knowledge, or budget to effectively enforce such privacy rules as the GDPR.

AICPA addresses CPA firm-lender issues related to PPP [JofA] The AICPA offered recommendations Thursday for the CPA firm-lender relationship related to firms assisting clients that are seeking Paycheck Protection Program (PPP) funding. In the interest of advancing a clear and orderly loan application process, the AICPA recommended that the CPA contact the lender before offering assistance to and performing advisory work for the client.

CARES Act QIP change requires action [JofA]

Tesla Shares Decline After Einhorn Publicly Questions Automaker’s Accounting Practices [Yahoo] Greenlight Capital founder Einhorn, who is known for having short-sold Lehman Brothers’ stock before it collapsed in 2008, tweeted Musk directly, asking him and the Tesla chief financial officer Zach Kirkhorn pointed questions. Describing his inquiries as “More Boring Bonehead Questions,” Einhorn questioned the veracity of Tesla’s accounts receivable, his shuttered factories, and the effect of currency market movements on the company.

PwC’s workplace contact tracing app won’t share info with public health officials [VentureBeat] As some countries declare the end of coronavirus community spread and plan for a safe return to work, surveillance technology appears to be becoming a much bigger part of the workplace. Already real-time computer vision and thermal cameras are beginning to enter the workplace to ensure social distancing or find people with elevated temperatures, and last week, PricewaterhouseCooper (PwC) introduced automatic contact tracing called Check-In for enterprise businesses to track employees.

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