An official announcement dated 13th April 2020 confirmed that Tezos Southeast Asia, a Singapore-based independent organization set to drive economic and technological growth in the Southeast Asia region using the native smart contract technology, has teamed up with The Association of Chartered Certified Accountants (ACCA) to introduce blockchain to the accounting industry.
The audit and ledger industry is fast adapting to evolving technologies. Recently, RSM, the world’s fifth-most extensive accounting firm, encompassing over one hundred and twenty countries, announced a collaboration with Lukka, a blockchain-based cryptocurrency accounting firm, to offer a highly-focussed approach toward crypto taxing.
And although a World Economic Forum-published whitepaper recently highlighted blockchain inabilities in terms of interoperability, citing it as the primary reason for its lack of use cases in the mainstream industries, the technology is undoubtedly becoming a commonplace, no matter what.
Tezos Southeast Asia pilots blockchain deployment in accounting
In its efforts to foster the growth of enterprise-level acceptance of the Tezos ecosystem in the Asia Pacific region, Tezos Southeast Asia (TSA) has teamed up with ACCA, an overruling body for professional accountants across the globe.
Soon after signing the memorandum, ACCA will offer guidance and clarity on global accounting yardsticks, whereas TSA will deploy blockchain technology to tackle the problem areas in the accounting industry.
The next course of action will involve TSA and ACCA designing scholastic content and teaching material that will assist accounting professionals to gain an in-depth perspective of how blockchain can remodel an old-fashioned industry.
Reuter Chua, who is heading the ACCA Singapore, confirmed that blockchain technology has an exhausting task ahead of it as there are several domains in bookkeeping that need reviving.
From streamlining auditing procedures, facilitating faster settlements, to completely digitizing extensive compliance processes, the overall auditing industry can really use blockchain potential at this time, Chua asserted.
Tezos and ACCA – a mutually beneficial relationship
President of Tezos Southeast Asia, Caleb Kow, also shared his view on how blockchain will potentially refashion an industry that is otherwise heavily reliant on paper-based data and manual intervention. Kow explained that given the blockchain’s potential to store and manage data immutably and transparently, several bookkeeping practices could be rationalized.
We are confident that working with ACCA will mutually benefit both parties as it will not only resolve the potential concerns of a traditional industry but also promote the cause of the Tezos blockchain and its ecosystem. Together, we will better prepare accounting experts for future challenges in the sector, Kow said.