From the abacus to enterprise resource planning: is blockchain the next big accounting tool?

What is it about?

This study conducts a systematic review using 452 academic and industry articles from an initial set of 60,899 records obtained by three multidisciplinary databases from 2012 to 2020. We compare and contrast blockchains with existing legacy systems. We further identify existing regulation, IFRS accounting standards, guidelines and potential amendments in under-explored areas such as taxation, accounting treatment of crypto-assets/liabilities and detailed auditing procedures. The study identifies the trends, similarities, differences and gaps between academic and industry literature using textual and bibliometric analysis. We provide a behavioral, social, cultural, organizational, regulatory, ethical, accountability and managerial perspectives of blockchain adoption in accounting. Finally, the study develops two adoption frameworks.

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