PROGRAM TITLE: Competence Area A: Blockchain Technology and the Accountancy Profession – Part 2

 

PROGRAM DESCRIPTION:  In recent years, blockchain technology has evolved far beyond bitcoin and is now being experimented in a broad range of business applications. It is important for the accountancy profession to stay abreast of developments in this technology. The focus of the seminar is to explain blockchain technology and how it could potentially impact the financial statement audit, possible new assurance services and new roles for the CPA in the blockchain ecosystem.

 

PROGRAM OBJECTIVES/LEARNING OUTCOMES: Understand the blockchain technology, its features, benefits, types, and applications; appreciate the potential impact of blockchain in the accountancy profession.   


Specific Objectives of the Program

Learning Outcomes per Topic

Topics To Be Discussed / Resource Person1

Time 

Teaching Methods and Aids Needed For Each Topic

Evaluation Method or Tools To Be Used to Measure the Program Objectives2

Discuss the relevance and provide an introduction and overview of the course.

Participant should gain an overview and understand what to expect from the course.

Introduction and Overview

2 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the applications and effects of blockchain in accountancy.

Participant should gain an appreciation of the practical impact of blockchain on accountancy.

General Applications and Impact of Blockchain in Accounting

11 minutes

Lecture and downloadable presentation handouts 

Quiz (75% passing rate)

Reinforce the facts and principles covered in the lesson.

Participant should be able to recapture and retain in memory the concepts discussed.

Section Review: Applications and Impact of Blockchain Technology in Accounting

5 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the effect of blockchain on financial statement accounts such as cash and capital assets.

Participant should be able to anticipate the changes in accounting for various FS accounts considering the impact of blockchain technology.

Effect on Specific Financial Statement Accounts

2 minutes

Lecture and downloadable presentation handouts 

Quiz (75% passing rate)

Reinforce the facts and principles covered in the lesson.

Participant should be able to recapture and retain in memory the concepts discussed.

Section Review: Effect on Specific Financial Statement Accounts

5 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the effects of blockchain on audits and the role of auditors.

Participant should be able to anticipate the changes in audit engagements that can arise from the adoption of blockchain technology.

Blockchain and Audits

9 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Reinforce the facts and principles covered in the lesson.

Participant should be able to recapture and retain in memory the concepts discussed.

Section Review: Blockchain and Audits

5 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the emerging roles for the CPAs in the blockchain arena.

 

Participant should be enlightened as to emerging opportunities for the CPA in the blockchain ecosystem

Transforming the Accountancy Profession

11 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Reinforce the facts and principles covered in the lesson.

Participant should be able to recapture and retain in memory the concepts discussed.

Section Review: Transforming the Accountancy Profession

5 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the differences between Public and Private Blockchains

Participant should be able to grasp the differences between Public and Private Blockchains

Public vs. Private Blockchain

4 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Present a Case Study on RippleNet – an actual blockchain service provider that partners with banks for cross-border and other financial transactions

Participant should gain a practical view of blockchain technology by studying the case of RippleNet

Case Study: RippleNet Blockchain and Cross-border Payments

20 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Discuss the prospects for adoption of blockchain in business and accounting.

Participant must grasp the prospects and time horizon with respect to blockchain technology as applied in the accountancy profession

Blockchain Technology: Moving Forward

11 minutes

Lecture and downloadable presentation handouts

Quiz (75% passing rate)

Recapture an overview of and retain in memory the blockchain concepts and its effects on the CPA profession

Reinforce facts and principles covered in the lesson

Reading Materials

15 minutes

Reference Materials

Quiz (75% passing rate)

Provide a distilled presentation of the important ideas discussed in the module.

Participant should gain an appreciation of the salient points covered in the module.

Key Points

2 minutes

 

Quiz (75% passing rate)

Gain mastery of the principles and applications coverred in the module

Master the facts and principles covered in the lesson

 

Short Quiz

15 minutes

Q&A – multiple choice

Quiz (75% passing rate)

TOTAL

 

 

122 minutes

 

 


Course Curriculum

  • 1

    Handouts

    • Reading Materials

  • 3

    Applications and Impact of Blockchain on Accounting

    • Universal Entry Bookkeeping

    • A Change in Focus and Scope of the Accountant's Role

    • Decentralization and Regulatory Efficiency

    • Transparency

  • 4

    SECTION REVIEW 1 – Applications and Impact of Blockchain on Accounting

    • SECTION REVIEW 1 – Applications and Impact of Blockchain on Accounting

  • 5

    Effect on Specific Financial Statement Accounts

    • Discussion Per Account

  • 6

    SECTION REVIEW 2 – Effect on Specific Financial Statement Accounts

    • SECTION REVIEW 2 – Effect on Specific Financial Statement Accounts

  • 7

    Blockchain and Audits

    • ILLUSTRATION: Request Network and Smart Audits

    • Less Transactional Level and More Judgemental Elements in the Auditor's Role

    • Example of a "Triple-Entry" Ledger

    • Auditing Payroll as Smart Contracts

  • 8

    SECTION REVIEW 3 – Blockchain and Audits

    • SECTION REVIEW 3 – Blockchain and Audits

  • 9

    Transforming the Accountancy Profession

    • Reconciliations

    • Expansion of the Accounting Function

    • Continuous Auditing

    • Implementing a Blockchain Platform

  • 10

    SECTION REVIEW 4 – Transforming the Accountancy Profession

    • SECTION REVIEW 4 – Transforming the Accountancy Profession

  • 11

    Public Versus Private Blockchain

    • Public Blockchain

    • Private Blockchain

  • 12

    Case Study: The RippleNet Blockchain and Cross-border Payments

    • The RippleNet Blockchain and Cross-border Payments

  • 13

    Blockchain Technology: Moving Forward

    • Outlook and Time Horizon

    • The Accountant's Role

    • Conclusion

  • 14

    KEY POINTS

    • KEY P0INTS: Blockchain Technology and the Accountancy Profession – Part 2

  • 15

    Quiz

    • Blockchain Technology and the Accountancy Profession

  • 16

    Evaluation Form

    • Evaluation Form and Attendance Sheet (as required under PRC Resolution no. 1244 Series of 2020)

Learn more about this new technology as it revolutionizes accounting and audit.

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