Designing and Implementing Blockchain in Accounting Systems (2 days)

Introduction

The blockchain is an accounting/audit technology that is focused on the transfer of assets and maintaining a distributed ledger of accurate financial information. Blockchain accounting has two primary characteristics:

1. Mutually distributed—all participants on the blockchain, for example a company and its vendors and customers, have access to a full copy of their accounting ledger, and all copies are identical and equivalent.
2. Immutable—the accounting “truth” of the transaction is determined by the parties to the transaction. This consensual arrangement then becomes codified and cannot be altered without the agreement of the parties involved in the transaction. Therefore, the transaction is permanent.

For those new to the Blockchain this course will prepare you to design and implement a digital accounting system for your company, primarily by using blockchain as your primary financial reporting accounting system. For those, familiar with the Blockchain this course will provide you with the tools to transition to blockchain as a “one truth” accounting system for your organization.

Learning Objectives

• Understand and integrate the Blockchain concepts into accounting information systems at your organization
• Comprehend that trust is the new currency for efficient and effective financial reporting
• Demonstrate a mindset for the Blockchain that realizes that trust and verification of accounting and financial information is essential for financial reporting
• Translate accounting transaction reporting to a distributed ledger employing triple entry accounting
• Design a blockchain accounting system for your organization that increases trust and verification for your stakeholders
• Manage the technological transition to a blockchain based financial reporting system
• Evaluate the implementation of your organizations integration into your accounting/finance information system

Who Should Attend

Accountants and Internal/External Auditors of organizations who are interested in incorporating emerging technologies in accounting and auditing that increases the effectiveness and efficiencies of their financial reporting systems. This includes:

• Accountants
• Internal/External Auditors
• Those charged with Compliance Duties
• Those charged with internal and external Financial Reporting
• Management positions that rely on accounting/financial information to make decisions for the organization
• Managers responsible for integrating affiliate companies into the parent organizations consolidated financial statements

Topics

• The blockchain and the future of professional accountants and auditors
  • Benefits
  • Distributed Ledgers
  • Inevitability
• Fundamentals of the Blockchain and how it operates
  • Distributed Ledger Technology
  • Triple Entry Accounting
    • One Truth
    • Interactive Accounting applications
  • Smart Contracts
    • What they are, how there constructed, how they relate to the blockchain and financial reporting
    • Interactive Accounting applications
  • The Oracle Problem—Trust, but verify
• Blockchain Architecture
  • Creation
    • Private blockchain architecture
  • Components
    • How blockchain works in accounting information systems for financial reporting
    • Model for a blockchain accounting system
  • Structure
    • Demonstration of how to build the blockchain accounting system
    • Working through the digital platform to illustrate how to build the Blockchain
    • Interactive applications

Teaching Method

• All sessions feature live instruction and illustrative examples of applying the concepts indicated in the outline with the focus on achieving the learning objectives
• The course is designed to be hands-on. That translates to workshop exercises using realistic scenarios, case studies, and the Blockchain models you can use to implement these concepts into your organizations accounting information system
• Interactive participation will be emphasized as a device that engages delegates and deepens their understanding of implementing the Blockchain
• All participants will receive copies of the presentation slides, handouts and other course materials

Instructors

Venue

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

 

Field of study: Accounting

Prerequisites

Familiarity with accounting/financial systems in organizations