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International Accounting
 

Accounting: Development and transformation in the context of contemporary challenges

Vol. 24, Iss. 10, OCTOBER 2021

Received: 24 August 2021

Received in revised form: 30 September 2021

Accepted: 6 October 2021

Available online: 15 October 2021

Subject Heading: THEORY OF ACCOUNTING

JEL Classification: М41

Pages: 1162–1187

https://doi.org/10.24891/ia.24.10.1162

Tat’yana M. ODINTSOVA Sevastopol State University, Sevastopol, Russian Federation
odincova@sevsu.ru

https://orcid.org/0000-0002-3093-3368

Subject. This article deals with the issues related to accounting as an information practice and academic discipline in the context of digital transformation and non-stationarity of the socio-economic environment, and problematic aspects and prospects for its development in the context of the challenges of our time.
Objectives. The article aims to identify the most significant factors affecting the accounting system, its conceptual sphere, subject and methodology, as well as identify problems inherent in accounting as an information practice, and directions of its modernization in the face of modern challenges.
Methods. For the study, I used logical and theoretical-cognitive approaches, expert judgment, and comparative, and logical analyses.
Results. The article presents original views toward the prospects for development and possibilities of modernization of the theory and practice of accounting, changes in its subject field, objects and methods.
Conclusions and Relevance. The expansion of the subject field and methodological base of accounting, a departure from the purely financial, retrospective and specific nature of reporting information, flexibility and customization of the system to the information needs of management, convergence with other areas of economic knowledge and functionalities, with related information and control practices are the conditions for updating accounting in the context of the challenges of the digital economy. The results of the study can be used for further discussion concerning the prospects for the existence and development strategy of the profession, in the formation of policy papers that determine the concept and vector of development of accounting in the digital economy and information society, as well as in the educational process in determining the range and agenda of R&D issues for students of specialized master's programmes.

Keywords: accounting, reporting, information practice, accounting theory, digitalization

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