The Metaverse and the Accounting Profession
How immersive technologies may reshape the way transactions are recorded, audited, and governed.
Abstract
This working paper examines how the metaverse and related immersive technologies may influence accounting practice in the coming decade. It considers three interconnected areas: the recognition and measurement of new digital asset classes under existing financial reporting standards; the changing nature and location of audit evidence when transactions occur within synthetic environments; and the competencies the accounting profession will need to remain effective as these technologies mature. Rather than treating the metaverse as a distant or speculative concern, the paper situates it within a broader trajectory of technological change that has already reshaped financial reporting and assurance work.
The argument advanced is that early engagement by practitioners, educators, and standard setters is preferable to a reactive posture adopted only after the technology reaches critical mass. Existing conceptual frameworks, including the IASB's qualitative characteristics of useful financial information, provide a sound starting point, but their application to metaverse contexts requires interpretive guidance and professional development that remains uneven across the profession. The paper concludes by identifying several directions for future research, including empirical work on how digital-asset markets behave and how assurance quality can be maintained when evidence trails are platform-dependent.
About the author
Yuqian (Michael) Zhang, PhD, CPA Australia, is a Senior Lecturer in Accounting at Auckland University of Technology. His research focuses on textual analysis, AI and digital transformation, and ESG disclosure.