Tezos Southeast Asia (TSA) in cooperation with the Association of Chartered Certified Accountants (ACCA) will implement products at the Tezos block-office in accounting.
The organizations will share experiences and jointly explore the capabilities of the Tezos Block Office in the field of accounting. As part of the partnership, ACCA will share knowledge on accounting and reporting standards, on the basis of which TSA developers will be able to develop a strategy for the technical integration of the block to "address pressing issues and potential gaps.
TSA and ACCA plan to develop guidance materials and training courses so that accountants can acquire basic knowledge of the block technology and further apply it in practice. According to Reuter Chua, head of ACCA Singapore, distributed registry technology can be widely applied in the accounting sector. The blockchain will improve data validation, speed up balance sheet audits several times and simplify compliance monitoring.
According to Caleb Kow, president of Tezos Southeast Asia, it is impossible to falsify or destroy the blockchain records. The blockchain will significantly reduce processing time, so auditors can check large amounts of data much more efficiently. Given the rapidly changing accounting standards, Tezos will develop "ahead of the curve" solutions that can be easily adapted if any innovations are introduced to industry standards.
Blockchain is already actively used by many auditing companies. In November, Armanino launched the TrustExplorer 2.0 blocchain-based auditing tool, and in June, the American Institute of Certified Public Accountants (AICPA) proposed new auditing standards, including blocchain-based data accounting.
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