THE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS OF KENYA
(Established under the Accountant Act, Laws of Kenya)
Theme: Understanding Blockchain Technology
Venue: Coast Branch Office, 2nd Floor Jubilee Arcade, Moi Avenue, Mombasa
Date: 23rd January, 2019
Time: 5:30pm to 7:30pm
The rapid growth of blockchain technology raises both excitement and concerns for the accounting profession. Will blockchain and accounting enjoy an interdependent relationship? Or, as some insinuate, do accountants need to start looking for a new line of work? Much like blockchain technology itself, the answer is complex.
In conventional accounting, transaction records are stored in a centralized server whereby upon request, the accountant has to retrieve the specific data and share. Ideally, only the auditor and accountants have direct access to the centralized ledger. On the contrary, blockchain is a distributed ledger technology. What this means, any transactional records are stored in a shared or distributed ledger which is accessible to all interested parties such as regulators, auditors, accountants and clients. Private and public keys are used to authenticate users and have access to ledgers that contain their own records.
Although blockchain was created to serve as the backbone for Cryptocurrencies such as Bitcoin, its application has broadened to serve the accounting industry. The reason why accountants should pay attention to blockchain is because it offers immutability and transparency which is crucial to the integrity of an accounting firm/profession.
The large four accounting firms -PwC, KPMG, Ernest & Young and Deloitte – are already investing in blockchain with Deloitte having about 30 prototypes running. With companies like IBM and Amazon offering scalable, flexible and robust blockchain platforms, the accounting industry will not remain untouched. The transformation is happening and it’s against this backdrop that the Institute has organized this special professional forum.
All ICPAK Members, Associate members, Non-members and reciprocating professional organizations from both private and public sectors.
Kindly note that booking for this forum is available either online at www.icpak.com/events or on the ICPAK Live – A smart phone based application that is available from Google store.
|Category||Charges (VAT Inclusive)
|Associate Members||Kshs. 1,500|
Members in attendance will be awarded 3 CPD Hours.
We encourage you to regularly visit our website www.icpak.com for updates.