Tezos and ACCA will use blockchain for accounting

Tezos Southeast Asia (TSA) in collaboration with the Association of Chartered Certified Accountants (ACCA) willthe introduction of products on the Tezos blockchain in accounting.

Organizations will exchange experiences and jointlyexplore the possibilities of the Tezos blockchain in the field of accounting. As part of the partnership, ACCA will share knowledge of accounting and reporting standards from which TSA developers can develop a blockchain technical integration strategy to “address pressing issues and close potential gaps.”

TSA and ACCA plan to develop methodologicalmaterials and training courses so that accountants can get basic knowledge about blockchain technology and apply them in practice in the future. According to Reuter Chua, ACCA Singapore Branch Manager, distributed ledger technology can be widely used in the accounting sector. The blockchain will improve the data verification procedure, speed up the balance audit several times, and also simplify monitoring of compliance with established requirements.

According to Tezos Southeast Asia President CalebCaleb Kow, it is impossible to falsify or destroy records on the blockchain. Blockchain will significantly reduce the time it takes to process documentation, so auditors will be able to verify large volumes of data much more efficiently. Given the rapidly changing standards in the accounting industry, Tezos will develop solutions forward and can be easily adapted if any innovations are introduced to industry standards.

Blockchain is already actively used by manyaudit companies. In November, Armanino launched TrustExplorer 2.0, a blockchain-based audit tool, and in June, the American Institute of Certified Public Accountants (AICPA) proposed new standards for auditing, including blockchain-based accounting.

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