Accounting Consortium Sets Blockchain Groups

Blockchain, FinTech, Investing, News, Regulation | June 23, 2017 By:

The Accounting Blockchain Coalition, a consortium of the largest accounting firms in the world, has announced formation of five working groups. The goal will be creating global accounting standards and creating plans for blockchain use in the industry.

Working group participants will only include coalition members. Further details are expected to be released next week, according to a coalition spokesman.

Groundwork for the coalition was set last summer. Deloitte, Ernst & Young, KPMG and PwC held a meeting at Microsoft headquarters in New York to discuss a possible launch of the consortium.

The companies were joined at the meeting by representatives of the American Institute of Certified Public Accountants and hosted by ConsenSys.