AICPA, WSBA To Advance Blockchain For Accounting Profession

Announcements, Blockchain | October 25, 2017 By:

The American Institute of CPAs (AICPA) is collaborating with the Wall Street Blockchain Alliance (WSBA) to advance blockchain technology for the accounting profession. The partnership was announced at the fall meeting of the AICPA’s governing council in San Antonio, Texas.

Founded in 1887, the AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations. The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

WSBA is a 501(c)(6) non-profit trade association created for financial market professionals, by financial market professionals. WSBA’s mission is to guide and promote comprehensive adoption of distributed ledger technology (DLT) across financial markets. They do this by engaging with market participants, regulators, policymakers and technology innovators through direct communication, comment letters, studies and more to guide the public dialogue about blockchain, distributed ledger and smart contract technology, so that the financial markets can realize the full potential of these capabilities.

As part of the collaboration, the AICPA, through its technology arm, CPA.com, 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 AICPA will also be part of an accounting-related panel at the WSBA’s Blockchain for Wall Street education day on November 14.

AICPA president and CEO Barry C. Melancon said that blockchain technology can have a profound impact on accounting and finance going forward, and it’s important they make sure that its adoption proceeds in a way that’s in the best interest of the public and the 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,” said Melancon.

“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 WSBA chairman Ron Quaranta. “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.”