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
Your Hosts Susan Coffey, CPA, CGMA Erik Asgeirsson Executive Vice President, AICPA President & CEO, CPA.com
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
CPA.com Accounting Profession Megatrends, 2019 EXPECTATIONS Deep Learning Virtual Assistants Smart Robots Blockchain OCR Conversational AI Bots Big Data Software as a Service Robotic Process Automation Predictive Analytics Peak of Innovation Inflated Trough of Slope of Plateau of Trigger Expectations Disillusionment Enlightenment Productivity TIME Source: 2019 CPA.com Identified Megatrends Plotted on the Gartner Hype Cycle Framework
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 Member Advocacy Tools and Learning and Leadership Guidance Resources Development
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 •
Learning & Development • Foundational • Intermediate learning • Intermediate learning • 6-8 hour practice area specific • Global accounting and Certificate Program • 4-hour industry-specific - Audit & Assurance finance professionals - Supply Chain - Tax Industry-Specific - Financial Services - Financial Advisors • 15 hours Practice-Areas - Healthcare • Available in multiple formats - Insurance - Available in multiple formats - Nonprofits • Will align with guidance • Interactive exercises/ • Available in multiple formats released by AICPA Digital learning experiences that Working groups bring concepts to life • Certificate/ Digital Badge
Questions?
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