AICPA and Wall Street Blockchain Alliance Announce Collaboration

The AICPA and Wall Street Blockchain Alliance (WSBA), a nonprofit trade association promoting the comprehensive adoption of blockchain technology across global markets, announced plans to work together to define the impact of blockchain technology for the accounting profession.

As part of this collaboration, the AICPA will administer the WSBA’s working group on tax and accounting, a focal point for advocacy and education on blockchain adoption within the profession. Other existing WSBA working groups include research and innovation, legal, and technology and product. The working group model is designed to provide a forum for experts to share information, guide advocacy and technical efforts and create broader educational opportunities to address issues arising from the adoption of blockchain, distributed ledgers and smart contract technologies.

“The accounting profession is built on confirmation and verification, and that’s what blockchain is all about,” says AICPA president and CEO Barry Melancon. “This technology can have a profound impact on accounting and finance going forward, and it’s important we make sure that its adoption proceeds in a way that’s in the best interest of the public and our financial markets.”

“Blockchain is one of several innovations that are reshaping the accounting profession,” says Erik Asgeirsson, president and CEO of CPA.com. “Our role with the WSBA working group is to guide and speed the use of blockchain technology as it applies to the core areas of an accounting practice.”