Block Chain Technology and the New Wave of Accounting Practices

Abstract

Block chain offers a new and secure way to process and store financial and non-financial information that is easily accessible to users. This paper utilizes a conceptual approach in examining the link between block chain technology and the new wave of accounting practices. With the growing interconnectedness of business transactions, development of block chain technology, has no doubt redefined accounting practices, setting and reforming new standards from the conventional norms. The use of block chain technology has altered the accounting and auditing space in the global architecture, bringing into fore, new patterns, innovations and developments in the field of accounting. Invariably, accounting practices would need to accommodate and embrace this digital money evolvement in its conventional standards in order to meet up with the ever increasing, demanding, evolving and competitive global accounting architecture. The study concludes that there is a consensus on the need to review and redirect the orientation of traditional accounting practices by adopting, accommodating, integrating and harmonizing block chain technology and its by-products, cryptocurrencies into current development in accounting practices and reports. Furthermore, the prospect of accounting practice has become broadened, defining and integrating new limits with block chain technology. This, without doubt, is creating a more harmonized accounting practice in the global professional space.