Home  Journals  International Accounting  3(489) - 2022 March

Accounting: Areas for development in the digital economy. Part 2

Received: 8 November 2021

Received in revised form: 17 December 2021

Accepted: 27 December 2021

Available online: 15 March 2022

Subject Heading: THEORY OF ACCOUNTING

JEL Classification: M40, М41

Pages: 260–281

https://doi.org/10.24891/ia.25.3.260

Subject. This article discusses the topical problematic issues of the methodological foundations of accounting, the importance of the accounting profession, and the application of IT-technologies in the accounting sphere.
Objectives. The article aims to outline the main areas of development of accounting in the digital economy.
Methods. For the study, we used the methods of analysis, systematization, comparison, and generalization.
Results. The article recommends to consider areas of development of accounting in the digital economy, namely, legal and regulatory, competency-based, theoretical, and the area of digitalization of accounting using IT-technologies (the applied one). It offers an original perspective of changing accounting within each area, as well as a variant of accounting records for digital financial assets (tokens).
Conclusions and Relevance. Based on the study, the article concludes about the increasingly larger role of information technologies in professional accounting activities. The processes of digitalization keep up to date the discussion about the importance of the accounting profession in the digital society, the development of types and objects of accounting, and the need to rethink and revise the content of legal and regulatory acts in the field of accounting. The results obtained can be useful for further research and discussion in the scientific community, to practitioners (accountants, managers) and other interested users to review the prospects of accounting.

Keywords: accounting, digital economy, development directions, accountant, profession, digital financial assets

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