The UK Financial Reporting Council’s Financial Reporting Lab has just published a report on how current developments and use-cases of blockchain technology might impact corporate reporting processes in the future.
The report considers:
• How transactions processed on a blockchain may help to improve accounting records.
• How a blockchain based European corporate reporting platform (European Financial Transparency Gateway) may help to open up access to corporate reporting, and
• How blockchain might help to rethink the way that reporting content is defined.
The report concludes that, whilst cost, complexity and lack of standardisation of blockchains might be inhibiting factors, the growing use of blockchain means that those involved in corporate reporting processes need to consider its potential disruptive impact. For more details click here