Blockchain is one of the hottest topics in the accounting and financial services field, but a substantial amount of uncertainty remains.
While it may have appeared only recently in the public conversation, blockchain reinforces and expands upon existing technological tools and options long available to CPAs and other financial professionals. The American Institute of CPAs has partnered with the Wall Street Blockchain Alliance to educate and inform members of the profession just what blockchain means for the profession and accounting services moving forward.
During a recent AICPA Forensic and Valuation Services webinar, Ron Quaranta, who leads the Wall Street Blockchain Alliance, examined the implications and applications of blockchain in the accounting profession. A common misconception of blockchain technology is that it represents a financial reporting system, a journal entry platform, or an accounting data option, he noted. He highlighted some of the most common questions as CPAs grapple with this new technology.
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