NEW YORK (May 8, 2018) – More than 60 leaders from innovative CPA firms, technology companies, consulting firms and influencer groups came together last week to map out strategy for the advancement of blockchain technology within the accounting profession. A timetable was also set for the creation of working groups, educational materials and other goals.
The event, the Blockchain in Accounting Symposium, was hosted May 2 by the American Institute of CPAs and its technology subsidiary, CPA.com, and is part of a larger collaboration with the Wall Street Blockchain Alliance (WSBA), a leading nonprofit trade association promoting the adoption of blockchain technology across global markets.
Blockchain is a secure, distributed database that leverages cryptography and peer-to-peer technology to group data into blocks and create an immutable chain of transactions. Its emergence is widely seen as having significant implications for the evolution of financial audits and other complex processes that require verification and confirmation.
“This was a strategic and important discussion related to the new capabilities and opportunities blockchain offers to many areas of the practice,” said Erik Asgeirsson, president and CEO of CPA.com. “With this group of leading experts, we defined a list of key areas of focus for the coming year for our working groups. “
Next steps include:
- Distribution of a report later this month that synthesizes the symposium’s findings
- Formation this summer of blockchain-related working groups by practice area
- Release of initial materials from the working groups by November
“We expect blockchain will impact all areas of practice,” said Susan S. Coffey, CPA, CGMA, executive vice present for public practice for the Association of International Certified Professional Accountants. “Collaboration will be critical to the profession’s success. We received feedback from a broad range of experts at the symposium, and we heard their urgency about making tangible progress.”
The AICPA and CPA.com formed an alliance with the WSBA this past October to help guide and speed the adoption of blockchain technology. The AICPA and CPA.com are administering the WSBA’s working group on tax and accounting, a focal point for advocacy and education on blockchain implementation within the profession.
“The WSBA is proud to be part of this accelerating effort to guide the evolution of the global accounting profession in a future with blockchain technology,” said Ron Quaranta, chairman of the group. “Across the range of accounting workflows, from auditing to tax, financial reporting and beyond, we look forward to our continued joint efforts to advance the world of accountancy and its use of blockchain technology.”
CPA.com is known for bringing innovative solutions to the profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.
Our company’s core mission is to advance the technology ecosystem for the accounting profession, drive the transformation of practice areas, and lead technology research and innovation efforts for practitioners.
A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at www.aicpa.org/press.
About the Association of International Certified Professional Accountants
The Association of International Certified Professional Accountants (the Association) is the most influential body of professional accountants, combining the strengths of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA) to power opportunity, trust and prosperity for people, businesses and economies worldwide. It represents 650,000 members and students in public and management accounting and advocates for the public interest and business sustainability on current and emerging issues. With broad reach, rigor and resources, the Association advances the reputation, employability and quality of CPAs, CGMAs and accounting and finance professionals globally.
About the Wall Street Blockchain Alliance
The Wall Street Blockchain Alliance (WSBA) is an industry leading 501(c)(6) non-profit trade association created for global market professionals. Its mission is to guide, influence and promote comprehensive adoption of blockchain and distributed ledger technology across global markets.