Across industries, visionary CEOs are turning to the blockchain to reinvent the nature of commercial transactions and increase the value of their businesses. Transactional volume of digital assets continues to grow exponentially along with the volatility. Companies holding digital assets need to understand the accounting and audit considerations to manage risk and safeguard value. However, currently, there is no specific guidance from IFRS or U.S. GAAP on accounting for digital assets. We will highlight some use cases and discuss a few critical implications that companies need to consider: our perspective on blockchain impacting business and accounting roles; blockchain and current ERP system; current accounting and tax landscape; and accounting and tax considerations.