Auditchain expands its presence in the $600 billion global accounting services market with the acquisition of Areport
Acquisition Significantly Expands AUDT Token Utility Infrastructure and Enhances Auditchain Protocol Reporting Capabilities for the European Market
ZUG, SWITZERLAND, April 13, 2022 /EINPresswire.com/ — Auditchain expands its presence in the $600 billion global accounting, financial reporting and auditing services market with the acquisition of Areport
The acquisition significantly increases the infrastructure of the AUDT token utility and strengthens reporting capabilities on the Auditchain protocol for the European market.
Move signals Auditchain’s increased focus on standards-based reporting solutions.
Auditchain Labs AG, the developer of the world’s first decentralized accounting, financial reporting, auditing and analytics protocol for assurance and disclosure, today announced the acquisition of Areport, a creation of models and taxonomies based on XBRL (eXtensible Business Reporting Language). and reports. The acquisition significantly expands the footprint and capabilities of the Auditchain protocol for financial reporting by reporting entities.
It is estimated that the acquisition of Areport will greatly increase the usefulness of the AUDT token on the Auditchain protocol. Areport will provide a suite of tools for enterprise users on the Auditchain protocol to create XBRL-based control sets, reporting taxonomies and financial reports using the ISO standard Data Point Model (DPM) . DPM is a reporting model tailored to the requirements of the European Banking Authority and other regulatory authorities.
Fuad Begic, Founder and Developer of Areport will join Auditchain Labs as Principal Engineer to further develop the development of the Areport suite. Fuad said, “I’m really excited about the combination of Areport and Auditchain and being part of the effort to help make Auditchain a comprehensive decentralized expert network and working alongside experts like Charlie Hoffmann”.
Areport will add substantial additional functionality for the creation of process control NFTs by reporting entities. With Areport, each reporting entity will now be able to compose, create, and extend unique sets of process control NFTs representing machine-readable and searchable financial models, process control sets, and reporting taxonomies using the syntax global XBRL standard.
The acquisition of Areport provides more tools for reporting entities and complements and extends the Auditchain protocol with the current ability to validate and enable auditing of XBRL-based financial reports created in the Areport suite using Pacioli, the logic and reasoning engine at the heart of the Auditchain. Financial statement validation protocol and Process Control NFT.
In most jurisdictions around the world, reporting entities are required to formally submit information to regulators about their financial performance, compliance and/or risk exposure. In recent years, traditional paper and PDF documents have been supplemented or replaced by structured, machine-readable reports. XBRL is a widely accepted global standard syntax for communicating machine-readable financial and business information.
Charles Hoffman, CPA and Chief Product Officer, said, “Areport creates a suite of product offerings on the Auditchain protocol that refine and augment XBRL-based reporting for major regulators like ESMA and the SEC. We want to bring these modern reporting approaches to digital asset issuers and traditional businesses by creating easy-to-use, low-cost, high-quality reporting solutions using standards-based methods and best practices such as DPM and the standard activity report template. adopted by OMG“.
Areport will be integrated with the Pacioli Logic Engine via the API library by June 8 for the official launch of the Auditchain protocol which will take place LIVE at the Digital Accountancy Show – Powered by Auditchain at the Tottenham Hotspur Stadium in London.
Auditchain is in the process of becoming a member of the XBRL International industry standards consortium, which created XBRL over 20 years ago with the American Institute of Certified Public Accountants. There are over 180 XBRL projects in 60 countries. Prominent examples include the Dutch Waterboard, the United States Securities and Exchange Commission (SEC), the United States Federal Deposit Insurance Corporation (FDIC), the United States Federal Energy Regulatory Commission, the European Single Market (ESMA) and the Australian Prudential Regulation Authority.
About Auditchain Labs AG
Auditchain Labs AG (https://auditchain.finance) is leading the development of the world’s first decentralized accounting, auditing, financial reporting and analytics protocol that automates and provides proof of assurance on business and financial information world. Auditchain Labs AG is a founding member of the DCARPE Alliance and leads the development of the Auditchain protocol together with other Alliance members.
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About DCARPE Alliance
The DCARPE Alliance is a global membership organization comprised of members from the accounting, auditing, financial reporting, legal, blockchain, investment, standards, and regulatory communities. The Alliance’s goal is to adopt standards, provide training, drive technology innovation, and promote the adoption of continuous auditing and real-time digital financial reporting using the protocol. Audit chain.
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