In an effort to advance blockchain technology for accounting profession, the American Institute of CPAs (AICPA) has collaborated with the Wall Street Blockchain Alliance (WSBA).
The WSBA aims to guide and promote comprehensive adoption of blockchain and distributed ledger technology across global financial markets. It has a number of working groups focused on various areas including tax and inccounting, research and innovation, and legal, among others. The working group model is designed to provide a forum for experts to share information, guide advocacy and technical efforts and create broader educational opportunities to address issues arising from the adoption of blockchain, distributed ledgers and smart contract technologies.
“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,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “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.”
Through its technology arm, CPA.com, the AICPA will administer the WSBA’s working group on tax and accounting, a focal point for advocacy and education on blockchain adoption within the profession.
“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.”
As a first step in collaboration, the AICPA will be part of an accounting-related panel at the WSBA’s Blockchain for Wall Street education day on November 14, 2017.
