Tezos Southeast Asia (TSA) is partnering with the Association of Chartered Certified Accountants (ACCA) to employ the Tezos blockchain for accounting services. The two associations will explore different utilizations, including mass education initiatives on the fundamentals of blockchain technology.
The Tezos Blockchain In Accounting
Based in Singapore, Tezos Southeast Asia announced the news earlier today in a press release. By signing a Memorandum of Understanding (MoU), TSA and ACCA have agreed upon exploring the Tezos blockchain within the accounting industry.
Founded in 1904, the ACCA is amongst the largest global professional accounting organizations offering training and certifications for accountants.
According to the announcement, the ACCA will contribute their educational materials on accounting standards, while TSA will provide the technical integration on blockchain technology.
Both parties will collaborate in developing training programs to educate students on the fundamentals and real-life applications of blockchain.
Caleb Kow, President of TSA, explained the potential merits for the accounting industry of utilizing the distributed ledger technology:
“Information held on the blockchain exists as shared and continuously reconciled store across several computers. Attempts to falsify or destroy a record would require immense effort replicated on a global scale, a feat significantly harder in order of magnitudes to coordinate.
With this immutable standardization adopted in accounting practices, auditors will be able to verify larger amounts of data more efficiently, requiring less paperwork and with greater confidence.”
The Tezos blockchain will also experience further widespread adoption by this partnership, Kow added.
A Brand New Digital World
Head of ACCA Singapore, Reuter Chua, outlined the digitalization of the modern world. He argued that companies, despite their origin and sector, have to take additional steps to adapt:
“The rise of the digital economy has pushed industries to transform, and ACCA as a global professional accountancy body continues to think ahead and ensure we embark on new partnerships to deliver new value.
The potential applications of blockchain technology in the accounting sector are extensive, ranging from better validation procedures in auditing to accelerating settlement times for transactions, and automating and streamlining compliance processes.”
He also indicated that the first educational programs coming from the new partnership will arrive at the end of this year or the start of 2021. ACCA members, however, will receive access before anyone else interested.