NOTICE: The validity period for this module will end on October 15, 2021. Kindly complete on or before said date.
For those who are unable to complete by October 15, a new module on Blockchain Technology will be released on October 12, 2021. We can enroll you in the module, for free, upon request.
Please note however that when we reenroll you, you will have to restart the training from the beginning.
For new enrollees, you may opt to wait for the new module which will have a validity period from October 12, 2021 to January 11, 2022.
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 |
|
|
Reading Materials
Universal Entry Bookkeeping
A Change in Focus and Scope of the Accountant's Role
Decentralization and Regulatory Efficiency
Transparency
SECTION REVIEW 1 – Applications and Impact of Blockchain on Accounting
Discussion Per Account
SECTION REVIEW 2 – Effect on Specific Financial Statement Accounts
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
SECTION REVIEW 3 – Blockchain and Audits
Reconciliations
Expansion of the Accounting Function
Continuous Auditing
Implementing a Blockchain Platform
SECTION REVIEW 4 – Transforming the Accountancy Profession
Public Blockchain
Private Blockchain
The RippleNet Blockchain and Cross-border Payments
Outlook and Time Horizon
The Accountant's Role
Conclusion
KEY P0INTS: Blockchain Technology and the Accountancy Profession – Part 2
Blockchain Technology and the Accountancy Profession
Evaluation Form and Attendance Sheet (as required under PRC Resolution no. 1244 Series of 2020)