Accounting and audit of electronic transactions in metaverses

Abstract

Introduction. The latest stage in the development of the Internet is the active use of VR and AR technologies, which in the context of virtualization of information processes leads to the spread of meta-environments. The functioning of metaverses, which are integrated information environments of virtual communications, is associated with the emergence and circulation of intangible objects, which requires the improvement of their accounting and auditing. The fundamental basis of financial and economic activities in the metaverses are electronic transactions, so it is important to improve their accounting and control in the management of enterprises. The main aim is to research the prospects for improving the accounting and auditing of electronic transactions, which provide for the formation of contractual relationships, their implementation and payment using cryptocurrencies in the metaverses.Methods.In the process of the article purpose realization the system, innovative, institutional approaches and methods of economic and mathematical modeling, bibliographic and comparative analysis are used.Results. The influence of the peculiarities of financial and economic activity in metaverses on the method of accounting is investigated. Recognition of NFT as an accounting object using variable methods of their estimation in metaverses is determined: initial value according to past identification of cost components, fair value through current valuation, market value according to market value and prospective value.The necessity of using audit control methods to ensure the trust of participants in electronic transactions in meta-environments, as well as to confirm the accuracy of their reporting and other accounting information. A method of identifying electronic transactions has been developed, which has the following features: trade scams; legalization of money obtained illegally; use by attackers. The method of auditing the enterprises activities in the metaverses has been improved: introduction of accounting outsourcing in the field of financial accounting of electronic transactions; separation of information flows, which relate only to virtual financial and economic operations in metaverses; research of the internal control service of enterprises, assessment of current experience and training of staff to work with specific virtual accounting objects; formation of financial statements reflecting intangible assets related to the functioning of meta-environments.Perspectives. It is determined that further research is needed to improve the taxonomy of standard financial reporting to fully and accurately reflect the new accounting objects of the metaverses.

Valuation, Accounting Principles, and Classification of Assets in the Metaverse

“…Finally, metaverse assets are decentralized, residing on a decentralized blockchain network rather than under centralized control. This decentralized nature ensures transparent ownership and value, making them impervious to manipulation [8]. The value of metaverse assets hinges largely upon rarity and demand within the metaverse community, rendering them attractive for investment purposes [6].…”

“…Therefore, there is a need to explore innovative audit approaches that can adapt to the dynamic and complex nature of transactions within the Metaverse. Furthermore, Muravskyi et al [8] highlight the importance of enhancing the accounting and auditing of electronic transactions in the Metaverse. Given the prevalence of digital transactions and the potential for fraud and manipulation in virtual environments, improving the transparency and accuracy of financial reporting is crucial for maintaining trust and confidence in the Metaverse economy.…”

“…In addition to accounting and financial considerations, the legal landscape of the Metaverse poses its own complexities [8,14,22]. Challenges related to intellectual property, privacy, and jurisdiction further compound the already intricate environment of the Metaverse.…”

“…Designing accounting rules for the Metaverse requires a thorough understanding of the unique characteristics and challenges of this virtual world. For instance, the concept of ownership [8] and transferability of virtual assets [9] may differ significantly from that of physical assets. Additionally, the potential for fraudulent activities [1] and the need for transparency [10] in the Metaverse pose additional challenges that must be addressed through appropriate accounting rules.…”

“…A robust classification system is necessary to categorize assets originating from the Metaverse and ensure their accurate representation in financial statements [3]. The classification system should consider the nature of virtual assets, their underlying technologies, and their economic characteristics [8,11]. Additionally, it should account for the dynamic and evolving nature of the Metaverse, where new types of assets and interactions constantly emerge [7].…”