TXCPA Response to AICPA Exposure Draft on Token Operations Controls

The Texas Society of CPAs’ Professional Standards Committee (PSC) recently submitted comments on the AICPA’s Exposure Draft – Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens.

The Texas Society of CPAs’ Professional Standards Committee (PSC) recently submitted comments on the AICPA’s Exposure Draft – Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens. In the response, the PSC shares its perspective on the proposed framework for evaluating token operations controls, highlights the value of the included glossary and offers recommendations for alignment with existing audit procedures.

Read the PSC Response | View the Exposure Draft

Topics:

Professional Standards

You May be Interested in

The IRS May Owe Your Clients Money from the COVID Period
Recent court decisions have opened a largely overlooked opportunity for significant tax refunds based on mandatory disaster relief under IRC Section 7508A during the federally declared COVID-19 disaster period. As a result, interest and penalties assessed during this period may be invalid and refundable, and some taxpayers who received refunds may also be entitled to unpaid overpayment interest. While uncertainty remains and the IRS may resist such claims, timely protective refund filings are critical to preserve clients rights as the statute of limitations continues to run.
TXCPA Advocates for Accounting’s Recognition in Definition of Professional Degrees for Student Loan Eligibility
TXCPA submitted a formal comment to the U.S. Department of Education urging recognition of accounting as a professional degree program to protect graduate-level federal loan access and strengthen the future CPA pipeline.
The Verdict is In. The Texas Franchise Tax is GILTI, Raising New Questions and Potential Issues
Beginning with the 2026 report year, the Texas Comptroller will align the franchise tax with the current Internal Revenue Code, likely requiring GILTI to be included in total revenue. This change raises sourcing, statutory and potential constitutional questions for businesses with foreign operations, creating new uncertainty and possible tax impacts.