Blockchain in accounting, accountability and assurance: an overview

Abstract

PurposeThis study aims to present an overview of topics addressed in the papers appearing in this AAAJ special issue: Blockchain in accounting, accountability and assurance.Design/methodology/approachThe authors present a review focussing on the papers published in this special issue. The authors imported the eight accepted papers into NVivo, coding them according to the research topics posed in the call for papers. Then, the authors conducted an in vivo coding for the emerging themes found in the papers.FindingsBlockchain is a multifaced topic with multiple implications for accounting, auditing and accountability, the accounting professions, and governance. However, blockchain is still a developing topic. Blockchain research traditionally has four stages. More recently, a new research stage deserving more investigation is emerging based on the interaction of blockchain with other technological developments such as virtual reality and the metaverse.Originality/valueThe review not only uncovers and systematises the multiple implications of blockchain for accounting research. It also unveils the dark side of blockchain, focusing on the technology's negative environmental and social implications. Last, the authors highlight why accounting research should more extensively examine contemporary issues.

Blockchain Technology and Virtual Asset Accounting in the Metaverse: A Comprehensive Review of Future Directions

“…It offers a completely new method of considering how people interact with technology as well as the nature of reality itself [16]. We must think about the societal and ethical ramifications of this new digital environment as the metaverse develops and changes [21]. The metaverse is more than just a tool or a pastime; it's a brand-new world into which we must venture carefully and wisely.…”

“…The accounting industry is embracing the metaverse, a fast-expanding virtual reality [21]. According to [5], accounting in the metaverse involves the recording, reporting, and analysis of financial information relating to metaverse virtual assets.…”

“…Traditional accounting practices have been disrupted by the incorporation of virtual assets into the metaverse, posing a new challenge for accountants [21]. The real worth of virtual assets and their financial impact on businesses are difficult to ascertain because of the lack of norms and regulations in the metaverse [29].…”

Recognition and Measurement of Crypto-Assets from the Perspective of Retail Holders

“…They can be sold via centralized or decentralized crypto-exchanges. If these tokens carry other rights, such as voting or membership rights, they will be considered hybrid tokens [68]. In their simplest form, NFTs are digital artwork or other collectibles with certificates of authenticity attached to them.…”

Identification of Critical Success Factors for Blockchain Adoption in Accounting and Bookkeeping

“…Truthtelling had hitherto seemed to come at a price. Blockchain is a decentralised ledger with zero central authority that can be accessed by anyone, anywhere, at any time (Spanò et al, 2022;Bonson and Bednárová, 2019). Simpler regulatory compliance can be achieved by modifying commonly utilised double entry bookkeeping.…”