Welcome Agenda Welcome with Sue Coffey & Erik Asgeirsson AICPA - - PowerPoint PPT Presentation

Welcome

Agenda

• Welcome with Sue Coffey & Erik Asgeirsson
• AICPA Workstream Panel
• Use Case Panel
• Tech & Regulatory Update
• Deep Dive Topical Breakout Sessions
• Key Insights from Deep Dive Groups
• Open Discussion
• Networking Reception

73% of Firms In Attendance Today Currently Offer Blockchain Services

Same % Plan to Invest in Blockchain Related Technology in the Next 24 Months

37% of Attendees have seen Significant Crypto-Asset Growth with clients in the Past 12 Months 70% of Attendees have seen an increase in tax related questions regarding cryptoassets 60% of Attendees have received requests around blockchain technology support

Susan Coffey, CPA, CGMA Executive Vice President, AICPA Erik Asgeirsson President & CEO, CPA.com Your Hosts

Today’s Objective

• Provide Broader Update
• Invite people with a working knowledge and focus around blockchain to

convene & inspire

• Gather Input
• Mindshare
• Frame and advance blockchain awareness

Expectations

• This is an exploratory discussion on blockchain in accountancy, we want to

collaboratively explore

• Special Report will be issued in December at DCPA and shared to group

Your Participation:

• Part of a Respected Mind-Trust we want to hear from
• Build Network
• Learn from each other
• Help inform for future strategy & initiatives

AICPA/CPA.com – WSBA Partnership

Collaborating to Drive Blockchain in Accountancy

• Research blockchain opportunities across tax, audit and finance areas
• Evaluate market trends
• Co-develop educational materials for accounting profession
• Identify and advance prototype blockchain concepts
• Participate in joint events & educational opportunities

Software as a Service Blockchain Bots OCR

Source: 2019 CPA.com Identified Megatrends Plotted on the Gartner Hype Cycle Framework

CPA.com Accounting Profession Megatrends, 2019

Virtual Assistants

Innovation Trigger Peak of Inflated Expectations Trough of Disillusionment Slope of Enlightenment Plateau of Productivity

TIME EXPECTATIONS Conversational AI Predictive Analytics Smart Robots Big Data Robotic Process Automation Deep Learning

Notable Blockchain Activity Since Last Meeting…

• In May of 2018 there were 1,500 Cryptocurrencies across 11k

markets, today there are over 2,700 Cryptocurrencies across 20k markets!

• Facebook, Amazon and Apple all announced cryptoasset

development

• Emergence of Stablecoins to promote cryptoasset adoption

with less volatility, pegged to USD, commodities etc.

• Rise of Cryptoasset insurance including Lloyd’s of London
• Walmart Mandate
• May 2, 2018 BTC Price: $9,233 / September 13, 2019 BTC

Price: $10,313

Responding to the Rise of Blockchain

Thought Leadership Member Guidance Learning and Development Advocacy Tools and Resources

Member Guidance

SOC for Blockchain

• Guidance for practitioners covering the controls of a

system on the blockchain

• Appendix to SOC Guide

Impact on SOC 1 and SOC 2

• ASEC considering resources and guidance members

may need Digital/CryptoAssets

• Provide audit and accounting guidance to CPAs in

industry and public practice

Advocacy

• Federal tax guidance
• Monitoring & updating members on relevant state legislation

Certificate Program

• Foundational
• Global accounting and

finance professionals

• 15 hours
• Available in multiple formats
• Interactive exercises/

learning experiences that bring concepts to life

• Certificate/ Digital Badge

Industry-Specific

• Intermediate learning
• 4-hour industry-specific
• Supply Chain
• Financial Services
• Healthcare
• Insurance
• Nonprofits
• Available in multiple formats

Practice-Areas

• Intermediate learning
• 6-8 hour practice area specific
• Audit & Assurance
• Tax
• Financial Advisors
• Available in multiple formats
• Will align with guidance

released by AICPA Digital Working groups

Learning & Development

Questions?