Accounting in digitalization conditions

Abstract

The entities prepare the financial statements both in accordance with IFRS and in accordance with the SNC which are based on the European directives and IFRS. Accounting has undergone major changes since its inception, and in order to provide information to more users, accounting procedures and methods have also diversified, even reaching software. The IT accounting environment has facilitated the economic development of the entities. The digitalization of accounting at national and international level takes place in different ways, with different impulses and stages. In the age of technology, accountants use accounting programs that record the transactions and actions undertaken by the entity and include several modules, from primary documentation to financial reporting. The advantages of this software include: fast accessibility, detailed presentation of information and accuracy of errors. In addition to the benefits, there are low accounting costs and time required to complete a task. One of the challenges for young accountants is artificial intelligence. Another major challenge is cyber security, which needs to be integrated into an entity's decision-making processes. So, in the end, the IT environment offers many opportunities but also challenges for the accounting profession, in terms of benefits there are many more and I think we will face all the challenges. CZU: 657:004.78; JEL: A22; I25; M41; DOI 10.5281/zenodo.6758153