Transformation of accounting with increased development of digital technology

The article is devoted to the study of the impact of modern digital technology development on enterprises’ accounting systems in two areas: the influence on work organization and accounting objects. The article identifies the key aspects of transforming the organization of accounting systems under the influence of digitalization, including the automation of accounting processes, the use of artificial intelligence, the implementation of electronic document management and cloud technologies, the integration of big data, enhanced data protection and information security, and the use of electronic payments. The essence of each aspect and its impact on accountants’ work are revealed. The main advantages and additional opportunities of using digital technologies in accounting processes are described. The key challenges and problems of implementing digital technologies in accounting systems are summarized. New accounting objects resulting from the development of digital technologies are identified, with cryptocurrency being the primary object. The possibilities of recognizing and recording cryptocurrency in the accounting system from the perspectives of a payment instrument, goods, financial investments, and intangible assets are considered. Standard and distinctive features of cryptocurrency and these types of assets are defined, and circumstances under which each approach would be justified are established. It is substantiated that the method for recording cryptocurrency in accounting depends on the purpose of acquiring and using these assets in the company’s operations. Therefore, when selecting an approach for recognizing and recording cryptocurrency, it is important to consider such factors as the purpose of holding crypto assets, the expected period of use, income generation methods, valuation procedures, and the level of liquidity. The research results can be applied in enterprises’ practical activities to adapt their accounting systems to new conditions and improve their efficiency. Keywords: automation, accounting, cryptocurrency, transformation, digital technologies, digitalization.