Importance The recent events related to the effects of the financial crisis have undermined the credibility of rating agencies and banks, and touched upon the professional accounting community. The experienced accountant tries without departing from the law to exercise his or her professional judgment to achieve the desired result for the owner. In this case, creative accounting standards are used, which may both contribute to the development of accounting engineering (in the event of finding a way of recording a new operation), and crook the books. Objectives The study aims to describe the specifics of integration processes related to optimization of economic and ethical aspects of modern accounting. Methods We reviewed works of Russian and foreign specialists on modern accounting using a number of methods, i.e. simulation, abstraction, systematization, synthesis of theoretical aspects, developed practical recommendations for implementing ethical aspects in accounting. Results The paper shows the features of applying the accounting information by different categories of users, discloses the nature of subjective and objective reasons for misstatements, including in relation to derivative financial instruments. We studied the influence of ethical aspects of accounting activities and their relationship with economic efficiency criteria. Conclusions and Relevance The most acceptable, to our mind, is the accountant's voluntary recognition of at least a minimum set of moral and ethical values that must be followed in accounting practice.
Keywords: ethics, creative accounting, professional judgment, virtual asset
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