A literature review on blockchain in accounting research

Marco Bellucci (), Damiano Cesa Bianchi () and Giacomo Manetti ()
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Marco Bellucci: University of Florence
Damiano Cesa Bianchi: University of Florence
Giacomo Manetti: University of Florence

Working Papers - Business from Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa

Abstract: This study aims to review the academic literature on the utilization of blockchain in accounting practice and research to define potential opportunities for further scientific investigation and to provide a framework on how accounting practice has been or will be impacted by blockchain. This study is based on a systematic literature review of 234 research products available on Scopus, which were mapped through bibliometric analyses and critically discussed through five main topics related to the impact of blockchain on accounting, auditing, crypto assets, supply management, and finance. Blockchain has many potential implications for accounting practice and research. Accountants and auditors are interested in triple-entry bookkeeping and the inalterability of blockchains. Accountant and auditor roles might change, focusing more on non-automated activities. However, blockchain could also play a more central role in social and environmental accounting and reporting because there are fewer confidentiality issues than financial data. The problem of the representation of cryptocurrencies in the financial statements following the IFRS interpretations commission can be considered clarified, but significant audit and taxation issues remain. Moreover, blockchain technology holds potentialities for innovating business models in many diverse sectors. The novel contribution of this study is threefold. First, this SLR provides a clear picture of the state of accounting research on blockchain. Second, it provides an investigation of how accounting practice will be impacted by blockchain. Third, it contributes to the accounting literature with a discussion of the potential future research trends in blockchain for accounting.

Keywords: Blockchain; Cryptoassets; Triple-entry bookkeeping; real-time accounting; continuous auditing (search for similar items in EconPapers)
JEL-codes: M40 M41 M42 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2021
New Economics Papers: this item is included in nep-acc and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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