Objectives: Rapid technological developments need to be responded to immediately by companies in order to achieve competitive advantage and businesses’ sustainability. The company may consider investing in technology (especially in the metaverse), and this has been applied by various large companies. The development of technology has implications for whether current accounting standards could accommodate all accounting treatments for virtual investments (the metaverse). IAS 38 regarding intangible assets is one part of the IFRS accounting standards that best accommodates Metaverse for transactions with a purpose for the long term and not to trade as main business activities, but not the whole accounting treatment. Hence, the aim of this study is to analyze the metaverse for accountants and propose developing an IAS 38 to accommodate that investment from recognition, measurement, presentation, and disclosure. Theoretical Framework: This study applies normative theory, syntactic theory and information quality theory in developing IAS 38 to reflect metaverse phenomena within the scope of the research. Method: This study applies deep interviews with six categories of accountants (public accountants, preparers, academicians, standards setters, regulators, and consultants) in Indonesia with a total of 14 informants and literature studies. Results and Discussion: The result showed that Metaverse is very useful for accountants, and IAS 38 still needs development to accommodate Metaverse with long-term investment and not trading as the main business activities. Research Implications: Six categories of accountants in this research could consider the benefit of metaverse to theirs operational and mitigate the risk of used of metaverse. In addition, Standards setters and stakeholders need to consider updating IAS 38 in order to achieve information quality about metaverse phenomenon. Originality/Value: The novelty of this research is that it proposes developing an IAS 38 regarding recognition, measurement, presentation, and disclosure to accommodate the metaverse in order to achieve faithful representation’s information quality in the metaverse.
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