Decentralized Blockchain Technology: Towards a Trusted and Transparent Beneficial Ownership Regime

Gilmour, Paul Michael

doi:10.1007/978-3-030-88036-1_8

Cited by 2 publications

(3 citation statements)

References 63 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The decentralised nature of crypto assets makes it difficult for tax authorities to control transactions within the virtual space (Hadzhieva, 2019). Unlike traditional financial systems, where financial institutions act as intermediaries and are subject to government oversight, the blockchain technology that underpins cryptocurrencies operates on a peer-to-peer network, which enables individuals to transact directly with one another without any intermediary or controlling third party (Gilmour, 2022). Because there is no central authority in a decentralised scenario of cryptocurrency to regulate the transactions, it is challenging for tax authorities to obtain information about who is transacting, how much they are transacting and where the transactions are taking place.…”

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

“…Using blockchain technology to maintain an immutable ledger of transactions, a decentralised ledger system can provide a transparent and trustworthy system of financial reporting in the metaverse, as it eliminates the need for trust in central authority and reduces the risk of fraud, errors and mismanagement. Gilmour (2022) examines the role of blockchain technology in public registers of beneficial owners and other e-government systems. Gilmour's (2022) study highlights how blockchain might overcome accountability and verification challenges inherent within current centralised recording systems.…”

Section: Decentralised Accountingmentioning

confidence: 99%

“…Gilmour (2022) examines the role of blockchain technology in public registers of beneficial owners and other e-government systems. Gilmour's (2022) study highlights how blockchain might overcome accountability and verification challenges inherent within current centralised recording systems.…”

Section: Decentralised Accountingmentioning

confidence: 99%

See 2 more Smart Citations

Accounting meets metaverse: navigating the intersection between the real and virtual worlds

Pandey

Gilmour

2023

JFRA

View full text Add to dashboard Cite

Purpose The “metaverse” is the new buzzword. With the phenomenal growth of the metaverse comes accounting, taxation and jurisdictional challenges, which business and governments have yet to fully address. This paper aims to highlight and rationalise the lack of regulatory framework and multiplicity of jurisdictions on metaverse transactions. This paper addresses some of the complications with respect to accounting and taxation in virtual environments. Design/methodology/approach This study relies on secondary data and emerging literature to understand the multiplicity of jurisdiction and complexity of the accounting transactions. The concept of the metaverse is rapidly evolving, and this study uses extant literature to provide the foundation for understanding the key challenges relating to accounting and taxation. Findings Concepts of revenue recognition and deferment are challenged by the transactions in the metaverse. There are novel applications, underpinned by emerging technologies and blockchain supporting new crypto assets, such as non-fungible tokens and other decentralised finance (DeFi) tools; however, the caveats of anonymity and jurisdictional issues persist. The paper suggests that the industry must adapt to the unique reporting requirements of these assets and develop new standards for evaluating their value for financial reporting purposes. The paper emphasises the need for a case-based approach in the absence of standardised regulations for the accounting industry in the metaverse. Originality/value This paper adds original contributions to extant literature of the metaverse and advances ongoing debates into the accounting and taxation issues pertinent to the metaverse and DeFi.

show abstract

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

Section: Decentralised Accountingmentioning

confidence: 99%