Akin, I 
ORCID: 0000-0003-0918-7441 and Akin, M ORCID: 0000-0002-9021-869X
(2024)
'Valuation, accounting principles, and classification
of assets in the metaverse.'
Journal of Metaverse, 4 (1).
pp. 43-53.
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16179.pdf - Published Version CC BY 4.0. Download (250kB) | Preview |
Abstract
This study explores the valuation methods, accounting principles, and asset classification systems needed for accurate financial reporting in the Metaverse. The unique characteristics of virtual assets in the Metaverse pose challenges for traditional valuation methods and require the development of comprehensive and adaptable approaches. This study utilizes qualitative research methods, including in-depth interviews with accounting professionals in Bath and Bristol, UK. Fourteen accountants were selected based on their expertise in accounting and their understanding of the Metaverse. The findings reveal that effective governance, regulatory mechanisms, and community-driven protocols influence asset values in the Metaverse. It is shaped by factors such as engagement, scarcity, and competition. Tailored accounting principles should address legal recognition, accurate tracking, jurisdictional restrictions, and risk management. Compliance with regulations, transparent reporting, and collaboration with regulatory authorities are crucial, alongside integrating innovative technologies like blockchain for robust accounting practices.
| Item Type: | Article |
|---|---|
| UN SDGs: | Goal 8: Decent Work and Economic Growth Goal 9: Industry, Innovation and Infrastructure |
| Keywords: | metaverse, virtual assets, accounting practices, asset valuation, asset classification |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HG Finance |
| Divisions: | Bath Business School |
| Date Deposited: | 28 Mar 2024 13:59 |
| Last Modified: | 02 Oct 2024 12:11 |
| ISSN: | 2792-0232 |
| URI / Page ID: | https://researchspace.bathspa.ac.uk/id/eprint/16179 |
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