The University of Arkansas at Little Rock Department of Accounting has recently joined the Accounting Blockchain Coalition (ABC), a multi-stakeholder group of industry leaders in accounting, education, technology, finance, and law. 

“The UA Little Rock Department of Accounting has joined the Accounting Blockchain Coalition, an industry think tank, to proactively explore business and accounting implications of the adoption of blockchain and related technologies,” said Dr. Kyleen Prewett, associate professor of accounting. “The coalition does not set standards, but seeks to analyze and anticipate regulatory, tax, internal control, accounting and auditing issues and develop best practices for organizations adopting blockchain technologies.”

The Accounting Blockchain Coalition is a non-profit, industry association that serves as a forum for businesses and organizations to develop and share information on accounting matters relevant to digital assets and distributed ledger technology, including blockchain.

“The ABC added 35 members from a variety of disciplines focused on creating a knowledge-sharing organization for the accounting, education, technology, finance, and law sectors that will inform the industry on best practices in accounting and taxation as changes and resulting opportunities are created by the implementation of blockchain technology,” said President David Deputy.

The coalition offers a platform for members to contribute their knowledge and expertise while fostering best practices.

“Four working groups were established and will be publishing best practices content soon to be shared among ABC members,” Deputy said. “The working group focus areas are: Audit and Accounting, Internal Control, Regulatory Compliance and Taxation.”

UA Little Rock is looking forward to participating in these working groups to help shape the future of business and bring better education initiatives for its students.

“UA Little Rock Department of Accounting continually strives to bring cutting-edge, real-world education to its students,” Prewett said. “Being a part of an organization that is helping shape the future of business through emerging technologies is just one more way to fulfill that goal.”