DigitalX Ltd has two business lines: Digital asset funds management for institutional investors, and Development of blockchain enabled products for capital market applications. Source: From the DigitalX website: https://www.digitalx.com/about The company is listed on Australian Securities Exchange (ASX) ticker DCC and has the 19th largest corporate BTC stash worldwide.

Source: 2022, ''A little gem': Among listed companies, DigitalX has the 19th largest corporate BTC stash worldwide,' Stockhead, accessed 14 July 2022, https://stockhead.com.au/cryptocurrency/a-little-gem-among-listed-companies-digitalx-has-the-19th-largest-corporate-btc-stash-worldwide/

You work for Big Tick Accounting (BTA). The firm provides accounting, tax, audit and consulting services to a wide range of clients. BTA's directors have identified that they do not have any clients in the growing Fintech industry, including any existing clients with digital assets. BTA's directors would like to expand into this industry but acknowledge that they need to improve their knowledge, and the knowledge of their staff. This has become more urgent as BTA have been asked to tender for the DigitalX audit and other consulting work.

The DigitalX 2021 Annual Report can be found at:

https://clients3.weblink.com.au/pdf/DCC/02427386.pdf

Explain the current situation regarding the application of international accounting standards for digital assets. Discuss whether you believe this treatment to be appropriate.