Tezos and ACCA use blockchain for accounting

Tezos Southeast Asia (TSA) in collaboration with the Association of chartered certified accountants (ACCA) will implement products on the Tezos blockchain in the field of accounting.

Organizations will share their experience and jointly explore Tezos blockchain capabilities in the field of accounting. As part of the partnership, ACCA will share knowledge about accounting and reporting standards, which will allow TSA developers to develop a strategy for technical integration of the blockchain to “solve urgent problems and eliminate possible gaps”.

The TSA and ACCA plan to develop guidance materials and training courses so that accountants can gain basic knowledge about blockchain technology and then apply it in practice. According to the head of ACCA’s Singapore division, Reuter Chua, distributed Ledger technology can be widely used in the accounting sector. The blockchain will improve the data confirmation procedure, speed up the balance audit several times, and simplify the control over compliance with the established requirements.

According to the President of Tezos Southeast Asia, Caleb Kow, it is impossible to falsify or destroy records in the blockchain. Blockchain will significantly reduce the time for processing documentation, so auditors will be able to check large amounts of data much more effectively. Taking into account the rapidly changing accounting standards, Tezos will develop solutions “in advance”, they can be easily adapted if any innovations are introduced to the industry standards.

Blockchain is already actively used by many audit companies. In November, Armanino launched a blockchain-based TrustExplorer 2.0 tool for conducting audits, and in June, the American Institute of chartered public accountants (AICPA) proposed new standards for auditing, including blockchain-based data accounting.