American Accounting Association Sees Blockchain Technology’s Potential
Blockchain technology is being embraced by several companies all over the world. The American Accounting Association (AAA) is also looking at blockchain technology and preparing the next generation of accountants.
Andrea Tinianow, a contributor at Forbes, was able to reach with Marc Rubin, Dean of Farmer School of Business, Miami University in Oxford, and AAA president. He said that he sees a shift in the way professors teach students.
For Rubin, professors focus primarily on skills rather than on content. These skills are those that will last their accounting students for years, and that includes blockchain technology.
On the matter, he commented:
“Our students will make data-driven decisions to drive new business models. “
The AAA is working in order to serve a prosperous society and accountants do that by ensuring that decision-makers have the best possible financial data to make a specific decision.
The work that is currently being done by the AAA is related to a bigger change in the financial world and that it begins with Bitcoin and blockchain technology. Distributed ledger technology (DLT) can provide decision-makers with cleaner and complete data almost in real-time.
Moreover, accountants have been focusing on how organization’s journal entries and ledgers flow through these ledgers. In order to control them, accountants improve the controls that they need to assure the integrity of the information. Using blockchain technology will change the way in which accountants work. They will have to rethink the way in which audits are performed, how to attest to data that is recorded on the blockchain and more.
Additionally, Rubin said that we are in the early days of blockchain technology and in the future, there could be new improvements to this technology.
Back in September, the AAA hosted an Emerging Issues Forum related to blockchain technology. At the meeting, professors talked about blockchain technology and how it can disrupt the industry. Most of the academics were ready to learn about incorporating blockchain technology to the work they perform.
After this event, the AAA decided to plan a workshop for summer 2019 that will include DLT topics. It will be providing professors with a space to learn about blockchain technology and accounting processes.
The AAA is not the only institution working with blockchain tech. At the beginning of the year, the Accounting Blockchain Coalition (ABC) was launched in order to educate organizations about accounting issues that are related to these newer technologies.
Although the technology is growing in the space, Rubin is not able to predict how accountants will be using it in the future. However, he says that they should keep their minds open and ready to learn how DLT can impact the world.