Formation of financial reporting in the conditions of digital economy

Abstract

© 2019, Dorma Journals. All rights reserved. This study is devoted to the study of the development of accounting and the formation of financial reporting in the conditions of digital economy. The development of digital technologies is generating changes in all areas of life by simplifying it, on the one hand, and by creating new challenges for future changes in a particular area, on the other hand. These changes apply to accounting and reporting, which leads to a review of existing approaches. In this article, we highlighted the main directions of development of accounting and reporting in the context of digitalization of the economy with a detailed disclosure of the features of each direction. Not only the requirements for the disclosure of information in reports, but also the technologies for accounting and information processing, accounting facilities, and data presentation format are changing under the influence of the fourth industrial revolution. The functions of an accountant do not remain without attention, which are expanding in the direction of the obligations of the financial director in the digital economy. Changes in the quality of the content of financial reporting pose a risk of disclosure of confidential information, which in turn requires limitation of information by user category. Compliance with all these parameters of changes shall lead to the formation of financial reporting of a new format, which will meet modern requirements and possibly the future.