Vol. 13 No. 83 (2024)
Articles

Adapting accounting to the digital age: The urgent need for new regulatory standards

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  • Olga Ievsieieva,
  • Yevhen Tsikalo,
  • Tetiana Mulyk,
  • Yana Udodova,
  • Oleksandr Nazarenko
Olga Ievsieieva
NGO «International Educators and Scientists Foundation», Ukraine.
Author Biography

Doctor of Economic Sciences, Professor, NGO «International Educators and Scientists Foundation», Ukraine.

Yevhen Tsikalo
Ivan Franko National University of Lviv, Ukraine.
Author Biography

Doctor of Economic Sciences, Associate Professor, Department of Accounting and Audit, Faculty of Economics, Ivan Franko National University of Lviv, Ukraine.

Tetiana Mulyk
Vinnytsia National Agrarian University, Ukraine.
Author Biography

Ph.D. in Economics, Associate Professor, Head of the Department of Analysis and Audit, Faculty of Accounting, Finance, and Audit, Vinnytsia National Agrarian University, Ukraine.

Yana Udodova
Zaporizhzhia National University, Ukraine.
Author Biography

Ph.D. in Economics, Associate Professor, Department of Accounting and Taxation, Faculty of Economics, Zaporizhzhia National University, Ukraine.

Oleksandr Nazarenko
Sumy National Agrarian University, Ukraine.
Author Biography

Doctor of Economic Sciences, Professor, Department of Accounting and Taxation, Faculty of Economics and Management, Sumy National Agrarian University, Ukraine.

DOI: https://doi.org/10.34069/AI/2024.83.11.7

Published 2024-11-30

Keywords

  • digital economy, regulatory requirements, standardization, technological innovations, data security, financial report, big data analytics.

How to Cite

Ievsieieva, O., Tsikalo, Y., Mulyk, T., Udodova, Y., & Nazarenko, O. (2024). Adapting accounting to the digital age: The urgent need for new regulatory standards. Amazonia Investiga, 13(83), 89–99. https://doi.org/10.34069/AI/2024.83.11.7

Copyright (c) 2025 Olga Ievsieieva, Yevhen Tsikalo, Tetiana Mulyk, Yana Udodova, Oleksandr Nazarenko

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This paper discusses the regulatory challenges that account practices face in dealing with the rapid changing digital economy in the context of the need for new standards to reflect the complexity of modern financial transactions. This research reviews the recent academic and professional literature (2019–2023) to identify key challenges: the integration of emerging technologies such as AI and blockchain, data security and privacy, transparent AI generated financial data, adapting reporting for continuous accounting, and regulating big data analytics. The thesis of the study calls for policymakers to focus on the creation of new accounting standards and regulatory approaches to increase transparency, audit and efficiency in the digital economy. In addition, it implies that there needs to be transparency about data handling, auditing digital financial procedures and incorporating standardized reporting systems in the global accounting effectiveness in the digital age. Future research may investigate strategies to assist developing countries and reduce vulnerabilities in data manipulation of digital accounting.

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