The U.K based accounting standards club, the ACCA, is partnering with Tezos Southeast Asia (TSA) to introduce blockchain technology to the accounting field.
According to an official press release: the two companies signed a memorandum of understanding, enabling them to explore the place blockchain technology can inhabit in accounting.
ACCA Explores Blockchain with Tezos Southeast Asia
The Association of Chartered Certified Accountants (“ACCA”) has now partnered with TSA, which is a non-profit organization based in Singapore that promotes the development of solutions on Tezos blockchain.
Blockchain technology has the potential to transform the accounting field, as it provides an immutable ledger, enabling secure auditing and management processes to move along efficiently and easily.
The President of TSA, Caleb Kow, praised the partnership with ACCA, promising the two will work together to find solutions to problems facing the accounting sector. He said,
“We believe that by partnering with ACCA, there can be mutual understanding to find solutions that could help reduce pain points and benefit finance functions for practitioners within the accountancy sector.”
The report states that ACCA will contribute to the accounting standards part in the MoU, with TSA providing their blockchain expertise to improve the systems of accounting.
Notwithstanding, the two will co-create an educational and strategic planning platform to promote the adoption of blockchain tech in accounting. Caleb continued,
“The Tezos blockchain takes this further by future-proofing widespread adoption through its unique and proven self-amending feature that can embrace future standards to meet the ever-changing industry needs of tomorrow.”
The Head of ACCA in Singapore, Reuter Chua, expressed excitement at kicking-off the partnership with Tezos Southeast Asia and hopes to integrate the blockchain-based positives into accounting practices in the near future.
This is in a bid to “enhance members' workflows and prepare them for the outside auditing industry.” He further says,
“The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.”
Mixed Feelings for Blockchain in Accounting
A number of companies, including some of the big four of the accounting world, Ernst & Young, Deloitte and PwC, have come forward purporting a possible adoption of blockchain technologies.
However, in late 2019, the top international accounting firm, International Financial Reporting Interpretations Committee (IFRIC), categorically stated Bitcoin and other cryptocurrencies cannot be considered as legal tender.