Implementation Critical Success Factors and Accounting Standard Codification Topic 606 Implementation Dynamics: A Correlational Study

doi:10.33423/jaf.v22i4.5342

Cited by 2 publications

(3 citation statements)

References 45 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…This includes developing new methods for tracking and reporting virtual assets, as well as new standards for evaluating the value of these assets for financial reporting purposes. It is important to reconcile these virtual transactions with traditional financial reporting systems and ensure accounting methods are incorporated into an inclusive and broader financial reporting framework (Tafon et al , 2022). As standardised regulations for accounting and taxation in the metaverse are yet to be established (Deloitte, 2022b), the paper recommends that a case-based approach is advisable.…”

Section: Discussionmentioning

confidence: 99%

“…Furthermore, comparing and reconciling the values may also be difficult as the values are reported differently by various organisations, leading to inconsistencies in financial reporting (Tafon et al , 2022). Because these are not physical goods, the determination of a fair value and point of transfer (when the user obtains control of the asset) will be a challenge as it is a key factor in recognising revenue as per accounting standards.…”

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

See 1 more Smart Citation

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: Discussionmentioning

confidence: 99%

Section: Accounting Concerns In the Metaversementioning

confidence: 99%

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

Pandey

Gilmour

2023

JFRA

View full text Add to dashboard Cite

show abstract

“…In the metaverse, it is not easy to account for income, even if there are standards for some activities (The Accounting Standards Codification (ASC) 606) [21]. Tafon et al [22], analyzing the critical success factors of the implementation of The Accounting Standards Codification (ASC) 606, observed that organizations report the values of virtual assets differently, which complicates actual values but also the moment when the user obtains control over the asset. These particularities generated by virtual transactions represent a challenge for accounting that requires adapting accounting standards.…”

Section: The Perceived Utility Of the Metaverse By The Accounting Com...mentioning

confidence: 99%

Metaverse Acceptance by the Accounting Community as a Premise of Sustainable Behavior

Burlea-Schiopoiu,

Popovici,

Panait

2023

Systems

View full text Add to dashboard Cite

Metaverse research has as its main focus the technology, neglecting the human factor and, implicitly, how the metaverse user perceives this technology, with its strengths and risks. The main objective of our research is to assess the impact that the metaverse has on accountants and how they perceive the advantages and disadvantages of using digital technologies, including the metaverse, and, as a secondary objective, to identify the factors that lead accountants to accept or reject the conduct of activities in the virtual world. We used an integrated theoretical framework combining the Theory of Planned Behavior (TPB) and the Technology Acceptance Model 3 (TAM 3). Data collected online from a sample of 597 accountants were analyzed using structural equation modeling with partial least squares (PLS-SEM) for evaluating the multiple causal relationships between items of variables. Our findings prove that digital technology does not represent a barrier for members of the accounting community to work in virtual space. However, the deficiency of accounting standards tailored to the specifics of digital technologies does not promote transparency or ensure a high level of safety for members of the accounting community in virtual space.

show abstract

Implementation Critical Success Factors and Accounting Standard Codification Topic 606 Implementation Dynamics: A Correlational Study

Cited by 2 publications

References 45 publications

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

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

Metaverse Acceptance by the Accounting Community as a Premise of Sustainable Behavior

Contact Info

Product

Resources

About