Development of accounting in the conditions of digitalization of the economy

Abstract

Purpose: identification of problems and prospects for the development of information for the management of socio-economic processes in conditions of uncertainty, risk and turbulence of the external environment. In particular, in the situation of the COVID-19 pandemic and the lockdown, a number of questions arose related to the problems of reflection and events in accounting, the quality and reliability of those reporting data, which are based on standard accounting principles and procedures that have arisen. In addition, the current situation has highlighted new requirements for accounting information, as the basis for the formation of a full and transparent management environment – due to the complexity of decisions made by stakeholders and the non-standard tasks of preventing and treating the crisis. Discussion: in the digital economy, the development of accounting tools and methods is a separate large-scale topic for study. As part of this development, the range of tasks to be solved is increasing, since in addition to choosing a monetary valuation model for accounting objects, it is necessary to present in a certain way objects for which non- monetary measurement is a priority, and also an interesting trend is the emergence of new virtual value units. Results: events of 2020 show that there is a break in value chains and a decrease in the possibilities of global cooperation, self-isolation of economies, such a carefully constructed world financial and economic architecture demonstrates its instability, globalization is replaced by protectionism, bloc confrontation, regional autarchy and national isolation, conflicts are growing the economic and political landscape, restrictions and systems of state control are increasing. Digital transformation, the crisis nature of the economy and the instability of the external environment, new requirements for the management system of financial and economic activities, changes in business models, the emergence of new types of assets, related transactions and forms of interaction, fundamentally new technological opportunities in the field of formation and use of information – all this significantly affects accounting and the possibilities of its development.