Accounting professionals from across the island gathered at a session hosted by Chartered Professional Accountants of Canada (CPA Canada) to learn about technology that is changing the financial world. The July 23 event focused on blockchain and its impact on the accounting profession and business in general.

An Introduction to Blockchain and Reporting provided a comprehensive overview, explained the underlying technology, outlined the key benefits, and revealed how businesses are leveraging this technology to create value, new opportunities and address traditional problems.

“Barbados is a financial hub in the Caribbean and internationally. As blockchain usage and applications continue to enter the mainstream, it’s vital that accounting professionals are kept abreast of its uses, the regulation surrounding usage, risks and rewards,” said Oliver Jordan, CPA, CA, Chapter Chair.

The session featured a variety of local Blockchain experts, each sharing their specialized knowledge and experience to allow for an exchange and examination of perspectives. Speakers included:

• Roland Haggins, CARICOM Director and Country Manager at AION, who provided an overview of blockchain technologies and the impact of digital currencies in the Caribbean market;
• Tara E. Frater, LLB, Principal and Founder of FT Legal – Barbados Legal/Regulatory, who discussed legal and regulatory implications;
• Justin Cole, CPA, CMA, the Vice President Management Services, DGM Group, who outlined the accounting issues that arise from blockchain; and
• Stephen Phillips, MSc., BSc (hons), Vice President – Special Projects, Bitt, who talked about facilitating the Caribbean’s transformation into a digital society.

“Blockchain is affecting businesses in a variety of ways,” said session speaker Cole. “As the overseers of organizational finance and data, it’s increasingly imperative that accountants have up-to-date, in-depth and wide-ranging knowledge of blockchain, so this session was very timely.”

Cole called for auditing and accounting standard setters to be committed to monitor progress and adoption of blockchain technology in the business ecosystem. “CPAs should lean in, help identify the risks associated with this new technology and find ways to leverage its benefit,” he suggested.

This session, held at the Radisson Aquatica Resort Barbados, was organized by Professional Learning and Development (PLD) Committee Leader Stacey Hem-Lee and supported by CPA Canada Member Kamante Millar. For more information about this technology, visit CPACanada.ca/blockchain.