Integration of Accounting Management Standards into the Digital Economy: Analysis of Needs and Trends

Abstract

The field of accounting is highly responsive to various innovations and the latest digital technologies. However, internal company accounting standards are not updated quickly enough, as most companies are more interested in getting results than in documenting processes. Considering the recognised significance of the subject, the study aims to identify essential strategies for utilising digital tools to enhance and improve accounting practices, as well as to highlight possible updates to accounting standards. Throughout the research, the author noted various areas where accounting standards could be improved to align with advancements in digital technologies, recommending changes in the following areas: the need to regulate the possibility of using analytics results for the purpose of implementing accounting procedures; development of an electronic document management system, standardisation of processes for using electronic documents; determining the possibility of using digital analytics for making management decisions; settlement of issues.