Implications of metaverse for future professions: Example of accounting practice

Abstract

This paper systematically explores the concept of the metaverse and highlights its significance for accounting research. The analysis examines its potential to refine long-standing accounting norms and practices that have remained largely unchanged for centuries. Emerging as a global phenomenon in 2022, the metaverse is a virtual digital space that replicates and augments realworld environments. Although its popularity has recently waned, the metaverse offers a valuable lens for addressing persistent accounting challenges, including the limitations of traditional valuation models and periodic reporting frameworks. This study systematically highlights how the metaverse could inspire innovative accounting approaches, particularly through its native features of consensus-based trust mechanisms and redefined materiality concepts enabled by microtransactions and programmable currencies. While the metaverse's long-term viability remains uncertain, this paper conducts a systematic review of relevant literature. It proposes a 10-year research roadmap to guide future scholarly and practical advancements in accounting