Overview   

The advent of the internet, mobile phones, and computers changed the way accountants work and transact business. Over the last decade, this revolution has gathered momentum as accounting firms have implemented cloud computing and SARS introduced auto-assessments. But this is only the start of a new era for accountants. A convergence of new technologies creating the metaverse are emerging that will empower the internet’s next evolutionary leap.

In December 2021 PwC purchased a stake in The Sandbox, a metaverse building platform. PwC plans to use its expertise to advise clients who wish to embrace the metaverse on the full range of challenges and opportunities it presents.

The concept of the metaverse, a virtual shared space where users can interact with a computer generated environment and other users in a seemingly real way, is rapidly gaining momentum. As this new digital realm expands and becomes "reality", accountants need to familiarise themselves with its underpinning technologies.  

Accountants also need to start asking important questions on how the emergence of the metaverse may affect their work: 

• Will current traditional business principles still be relevant? 

• How will they measure and report on digital goods and virtual real estate? 

• Are the current reporting frameworks adequate or will there be need to develop new ones? 

Join Nestene Botha CA(SA) on 29 May 2023 from 09:00 a.m. to 11:00 a.m. as she answers the above questions and more, in this discussion on the evolving role of accountants in the metaverse space and the potential implications for clients.  

Learning objectives  

Attending this webinar will equip you with the following skills: 

• Gain an understanding of the metaverse concept and its potential impact on the accounting profession. 

• Gain an appreciation of the unique financial, tax, and regulatory challenges associated with the metaverse and how these challenges may differ from traditional accounting practices. 

• Develop an awareness of the technological tools and solutions available to accountants for managing financial transactions and reporting in the metaverse. 

• Understand the potential ethical and compliance considerations that arise in the metaverse. 

• Discover strategies for leveraging the opportunities presented by the metaverse to expand service offerings and enhance clients' businesses.  

Content 

The webinar will cover the following topics:  

• Introduction to the Metaverse. 

  • Definition and overview. 

  • Virtual economies and digital assets. 

  • Emerging business models and opportunities. 

• Financial and tax implications. 

  • Virtual currency and token valuation. 

  • Tax treatment of digital assets. 

    • Income tax. 

    •  Capital gains tax. 

    •  Value-added tax. 

  •  Cross-border transactions and international taxation. 

• Regulatory and compliance challenges.  

  • The Tax Administration Act in the context of the metaverse. 

  • Anti-money laundering (AML) and know-your-customer regulations. 

  • Data privacy and protection considerations. 

• Intellectual property rights and licensing. 

• Accounting and reporting in the metaverse. 

  • Adapting accounting standards to the virtual environment. 

    • International Financial Reporting Standards (IFRS). 

    • Generally Accepted Accounting Principles (GAAP). 

  • Auditing and assurance considerations. 

  • Technological tools and solutions for managing metaverse transactions. 

    • Blockchain technology and distributed ledger systems. 

    • Virtual wallets and payment gateways. 

• Expanding services and opportunities for accountants. 

  • Advising clients on digital asset investments. 

  • Virtual real estate transactions and property rights. 

  • Navigating the metaverse ecosystem for business growth. 

  • Developing and maintaining relevant skills and expertise. 

• Ethical considerations for accountants in the metaverse. 

  • Professional conduct and responsibility. 

  • Maintaining independence and objectivity. 

  • Addressing potential conflicts of interest. 

  • Ensuring transparency and accountability. 

Obtaining your CPD certificate 

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA. 

All attendees are issued with a CPD certificate available in an online profile.   

About the presenter 

Nestene Botha CA(SA) 

Nestene Botha completed her B.com (Hons) at North West University in 2012. In 2014 she completed her professional articles and her Master's Degree in Chartered Accountancy. She then registered with SAICA as a Chartered Accountant in 2015. 

Nestene has lectured on the audit programme at the University of Cape Town. She started her own audit, tax & accounting practice which she has since grown into a reputable firm in the Table View area with 60 clients and two staff members. 

Who should attend? 

The following persons will benefit from attending this webinar: 

• Professional accountants such as CA(SA), BAP(SA), AGA(SA), Professional Accountant (SA), FCCA, BA(SA) and ACCA. 

• Registered auditors. 

• Accounting officers. 

• Bookkeepers. 

• Trainee accountants. 

Price              

• R 450.00 - Online admission - Individual. 

• Group Price 1 - From R184 per person (up to 5 users) 

• Group Price 2 - From R121 per person (up to 10 users)

• Group Price 3 - From R109 per person (over 11 users) 

Steps to register for the event:  

If you already have a profile, login and register for the webinar.  

If you are booking for more than one person, please choose “Group” from the “Type” dropdown. 

If you don’t have a profile, create a free profile then login and register for the webinar. 

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series). 

Click here to find out about the Technical Resource Centre & CPD Subscription options. 

Additional material 

By attending this webinar you will be provided with: 

• A summarised slide presentation. 

• Reference documents and/or course material where available. 

• You can ask questions during the webinar and you will also have access to the presenter after the webinar.