XBRL Switzerland and DCARPE Alliance Association Enter Collaboration

XBRL Switzerland and DCARPE Alliance Association Enter Collaboration

XBRL Switzerland and DCARPE Alliance Association agree to collaborate on the adoption of decentralized financial reporting and assurance using XBRL.

Zug, Switzerland 7 July 2021

The DCARPE Alliance Association and the XBRL Switzerland Association have agreed to cooperate by initiating a joint working group to further develop and build community around the adoption of the Decentralised Continuous Audit and Reporting Protocol Ecosystem currently being developed on the basis of the XBRL standard for digital financial reporting.

Auditchain Labs AG, a founding member of the DCARPE Alliance Association, also based in Zug, is currently leading the development of the Protocol with other members of the DCARPE Alliance Association and is expected to be a part of the working group.

While adoption of digital financial reporting is lagging behind other jurisdictions, Switzerland is home to some of the world’s leading innovators in Blockchain and Decentralised Finance, not least thanks to its progressive legal framework updated by the Swiss Blockchain Act.

As blockchain and decentralized applications have captured the attention of the world, it is believed that tighter regulation may be on the horizon in many other jurisdictions. Transparency in the form of financial disclosure and assurance is at the heart of many regulatory frameworks and XBRL is the global standard for financial reporting in more than 50 major jurisdictions.

The goal of the joint working group is to bring together the two domains of traditional reporting (including non-financial) and Decentralised Finance, “DeFI” to explore practical applications, standards requirements (technical and procedural) as well as reviewing its implications for the accounting, audit and financial reporting information value chain from the reporting entity to the end user.

Parties interested in joining the working group should please contact the signatories below.

For XBRL Switzerland
Christian Dreyer CFA
+41 76 334 0800

For DCARPE Alliance
Dianne Schepers

Forward thinking CPAs and Chartered Accountants who are interested in contributing to and testing the Auditchain Protocol should submit an application to join the DCARPE Alliance Association. Click here to apply.

About XBRL Switzerland

XBRL Switzerland (https://ch.xbrl.org) is the Swiss jurisdiction of XBRL International, a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.

About DCARPE™ Alliance Association

The DCARPE™ Alliance Association (https://dcarpe.org) is a global organisation consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment and regulatory community. The purpose of the Alliance is to provide education, drive technology innovation and open source engineering, develop, launch and promote the adoption of continuous audit and real time digital financial reporting using the Auditchain Protocol.

About Auditchain

Auditchain (https://auditchain.finance) is the world's first decentralized accounting, audit, financial reporting and analysis virtual machine that automates and provides proof of assurance for the world’s business information. Auditchain Labs AG is a founding member of the DCARPE Alliance Association and is leading the development of the Auditchain Protocol with other members of the Alliance.