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Questions Today's CPAs Need To Ask About Tomorrow's Blockchain Logo cgma

  Free |   30 Apr 2019 |   49 min |

"TheBitCoinCPA" himself, Kirk Phillips, joins the AICPA & CIMAs's Kyle Hannan to share his passionate interest in how blockchain will transform accounting. Kirk has a niche consulting practice in the crypto blockchain space in addition to pioneering many other projects. He authored the Ultimate Bitcoin Business Guide, The AICPA’s Blockchain Fundamentals program, shares his expertise as a tech blogger, and contributes to yBitcoin Magazine and Coindesk.

Topics covered:
  • Management accounting: Business: Strategy, Foundational
  • Management accounting: Technical: Business planning: Capital expenditure evaluation for IT and digital transformation, Foundational
  • Management accounting: Technical: Accounting information systems: Accounting information systems and digital technologies, Foundational

1 Comments/Reflections

John Chituwo

John Chituwo Jun 2020

1. Competency Developed.

The competency developed is that of anticipating new ways of doing business and perhaps doing my job in the light of block-chain technologies are concerned.

2. Immediate Changes

While nothing may immediately change in my day to day tasks as block - chain technology is currently not under consideration in my current job, I believe that I have a head start and I will be in a better position to advise should there be consideration to adopt this technology in the future.

3. Objective and next Steps

To the extent that there is need to be aware of the changes that are happening in the business world, I believe that my objective of understanding emerging issues that will impact business and the profession in the future have been met. I however realize that block-chain technology is a broad subject that can not be fully understood by reading one article. I therefore will endeavor to access more materials that i can access to further my understanding of the subject.

4. Impact

Firstly, block - chain technology is no longer the future of business and finance but rather it is here and already being implemented. As such, it is just a matter of when and not whether it will be implemented or not. Block chain technologies have already demonstrated benefits around cost saving and improvements in transaction transparency among others which my organisation can benefit from.

For my team, I realize that there are risk management issues arising when considering implementation of any new technologies. I therefore use my knowledge to guide my team in choosing strategies that will likely maximize benefits while minimizing risk.

The rapidly changing technology holds both threats and benefits to the accounting profession. The important thing to note and embrace is how I, an a finance professional will remain relevant to the profession and other stakeholders in the light of these new developments. Having prior knowledge of the unfolding technologies places me ahead of other professional and be in a position to lead should that opportunity materialize.