Space Accounting – Are you ready for take off? 1


Space shuttle taking off on a mission. Elements of this image furnished by NASA

Space flights could soon become available to everyone.

According to Virgin Galatic

…..The roughly 700 Virgin Galactic future astronauts who have already paid deposits for their flights on SpaceShipTwo come from more than 50 different countries, about half of which have never before sent a human to space. They span in age from under 10 to over 90 years of age. They practice many professions and speak many languages.

In the near future, our astronauts will share their version of the Overview Effect with audiences who have never dreamed of hearing it and who will go on to be the innovators, inventors, and entrepreneurs of tomorrow. Some of them may even earn the scholarships offered by the Virgin Galactic Future Astronaut community through Galactic Unite.

 

Space flights are an emerging industry and are expected to become dominate in the coming decades.

Many other opportunities are also under consideration including manufacturing in space! and possible mining work taking place on the Moon and Mars

What tax jurisdiction do space activities fall under? What accounting standards do we use in space? Which accountant are we going to send to audit the mining operation on the moon?

It will take time to develop Internationally Accepted Accounting Standards for Space. It will take time to solve the accounting problems of space travel. And it will take time to train the next group of auditors to be astronauts. I encourage my fellow CPAs to get involved in the commercialization of space and start a space department at your firm. We should be working together now to develop solutions to these problems and enable the exploration of a new frontier. [accounting today Article By Zach De Gregorio ]

 

steve@bicknells.net

One comment

  1. Wow Steve, never even crossed my mine! You, opened up the thought processes. Amazing when you stop too consider all aspects of figuring whom has jurisdiction?????

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