Implications of Blockchain Application to Accounting Education and Accounting Practice

Abstract

Accounting is part of the information system of a company that generates the most important information for the decision-making process. This process should be supported by new technologies to respond to all business requirements. Disruptive technologies change the way of performing business transactions and their implementation in business practice was notably accelerated by the pandemic. In this context, Blockchain technology has been articulated as the future of the accounting profession and there is a growing body of research regarding the impact of the blockchain on accounting practice and the accountancy profession. Many advantages arise from blockchain technology's distinctiveness, but also many risks that need special attention. Consequently, evolving conditions require professional accountants around the world to master new skills related to emerging information technologies. Being accustomed to information technologies is one of the basic prerequisites for the quality service that professional accountants offer to clients. Accounting education, especially at universities, has an important role in forming competent professional accountants and enabling required skills that are an essential part of professional competence. Accounting education has a challenging role in this context to incorporate and transfer knowledge regarding new technologies. This paper aims to analyse the recent research to investigate the impact of blockchain technology on accounting practice. The paper also focuses on the analyses of means of the inclusion of blockchain technology into accounting education and curriculum, by conducting a literature review of relevant sources. Research findings enable further understanding of the implications of blockchain technology in the accounting context, both for accounting practice and accounting education. Results can serve accounting educators since this topic is not sufficiently explored and needs further analysis.

Model of Blockchain Technology in Malaysian Accounting Education Learning Context: A Theoretical Paper

“…Based on the findings from Novak, Barišić and Žager (2022), it is concluded that in order to handle blockchain education, accounting instructors must overcome the technical nature of the technology. One of the efforts in place under this development include that conferences and resources which have been provided by American Accounting Association to provide accounting educators with information on blockchain technologies so they can pass it along to their students (Felski & Empey, 2020).…”

“…Based on literature search through Google Scholar and Scopus as popular research database, there are quite a number of research papers published globally on the topic related to blockchain technology in various education scopes, but majority are in IT courses. Undeniable, there are also studies which exploring the area of accounting education but most of the research applied qualitative methodology such as systematic literature review, interview, case study, bibliographical research and so on (Al-Htaybat et al 2018;Qasim & Kharbat, 2020;Surianti, 2020;Asonitou, 2020;Samaduzzaman, 2020;Tsiligiris & Bowyer, 2021;Stern & Reinstein, 2021;Novak, Barišić & Žager, 2022). Some of them also developed and proposed education designs/framework such as research conducted by Qasim and Kharbat (2020), and Tsiligiris and Bowyer (2021) on incorporation of blockchain into accounting programme but yet it was merely recommendations and require more in-depth studies on its feasibility.…”

What factors influence the intention to adopt blockchain technology in accounting education?

“…By integrating blockchain into accounting education, students can gain a deeper understanding of its applications and advantages in accounting. This preparation can help students adapt to the evolving industry and acquire the skills necessary for embracing new technologies (Stern and Reinstein, 2021;Novak et al 2022;Fernandez and Guat, 2023).…”