American Institute of CPAs Sees Blockchain Technology Reshaping Accounting

The American Institute of CPAs (AICPA) and the Wall Street Blockchain Alliance (WSBA) have announced plans to work together to define the impact of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology for the accounting profession. As part of this collaboration, the AICPA – through its technology arm, CPA.com – will administer the WSBA’s working group on tax and accounting.

“The accounting profession is built on confirmation and verification, and that’s what blockchain is all about,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “This technology can have a profound impact on accounting and finance going forward, and it’s important we make sure that its adoption proceeds in a way that’s in the best interest of the public and our financial markets. Our working relationship with the WSBA,combined with our expanded global reach through the Association of International Certified Professional Accountants, will help further that goal.”

“The WSBA is very pleased to be collaborating with the AICPA and CPA.com to guide the evolution of the global accounting profession in a future with blockchain technology,” said Ron Quaranta, Chairman of the WSBA. “We look forward to working together to advance the world of accountancy and its use of blockchain, as accountants become integral participants in the adoption of this innovative technology for global markets.”

“Blockchain is one of several innovations that are reshaping the accounting profession,” said Erik Asgeirsson, President and CEO of CPA.com, one of the participants in the upcoming panel. “Our role with the WSBA working group is to guide and speed the use of blockchain technology as it applies to the core areas of an accounting practice.”