The Implications of Moving into the Metaverse Space for Accountants and their Clients
CPD Hours: 2
Price: R450.00
The Implications of Moving into the Metaverse Space for Accountants and their Clients
Presenters : Nestene Botha CA(SA)
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:
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Will current traditional business principles still be relevant?
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How will they measure and report on digital goods and virtual real estate?
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Are the current reporting frameworks adequate or will there be need to develop new ones?
Learning objectives
Attending this webinar will equip you with the following skills:
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Gain an understanding of the metaverse concept and its potential impact on the accounting profession.
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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.
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Develop an awareness of the technological tools and solutions available to accountants for managing financial transactions and reporting in the metaverse.
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Understand the potential ethical and compliance considerations that arise in the metaverse.
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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:
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Introduction to the Metaverse.
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Definition and overview.
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Virtual economies and digital assets.
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Emerging business models and opportunities.
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Financial and tax implications.
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Virtual currency and token valuation.
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Tax treatment of digital assets.
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Income tax.
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Capital gains tax.
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Value-added tax.
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Cross-border transactions and international taxation.
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Regulatory and compliance challenges.
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The Tax Administration Act in the context of the metaverse.
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Anti-money laundering (AML) and know-your-customer regulations.
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Data privacy and protection considerations.
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Intellectual property rights and licensing.
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Accounting and reporting in the metaverse.
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Adapting accounting standards to the virtual environment.
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International Financial Reporting Standards (IFRS).
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Generally Accepted Accounting Principles (GAAP).
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Auditing and assurance considerations.
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Technological tools and solutions for managing metaverse transactions.
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Blockchain technology and distributed ledger systems.
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Virtual wallets and payment gateways.
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Expanding services and opportunities for accountants.
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Advising clients on digital asset investments.
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Virtual real estate transactions and property rights.
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Navigating the metaverse ecosystem for business growth.
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Developing and maintaining relevant skills and expertise.
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Ethical considerations for accountants in the metaverse.
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Professional conduct and responsibility.
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Maintaining independence and objectivity.
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Addressing potential conflicts of interest.
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Ensuring transparency and accountability.
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