The Accounting System in Ukraine and Forecasting the Trends of Its Development

Abstract

This article is devoted to analyzing the current accounting system in Ukraine and understanding the key trends in its development. The purpose of this article is to analyze current trends and patterns in the development of accounting in Ukraine, to understand their impact on improving the efficiency of enterprise management systems, and to develop sound recommendations for further improvement of the accounting system, taking into account global challenges and the growing needs of modern managers. The article provides a comprehensive analysis of the current accounting system in Ukraine, taking into account the transformations that have taken place over the past decades under the influence of socio-economic changes, integration into the global economy, and adaptation to international standards. It examines the comprehensive impact of globalization processes, rapid digitalization, and the irreversible process of harmonization with international financial reporting standards on the formation of the Ukrainian accounting model. It explores the evolution of the role of accounting from simple recording to its transformation into a key element of the enterprise management system. The structure and functional features of the Ukrainian accounting system are considered, its regulatory and legal framework, including the Law of Ukraine “On Accounting and Financial Reporting in Ukraine,” national accounting regulations (standards) (NP(S)BO), and their relationship with International Financial Reporting Standards (IFRS). An analysis of the main challenges and prospects for its improvement is carried out, with an emphasis on the application of information technologies, artificial intelligence, and blockchain, which are already radically changing accounting processes today. The article is based on an analysis of current scientific sources and practical aspects of the implementation of innovations in accounting in Ukraine, as well as research into key aspects of its transformation and development in Ukraine. Particular attention is paid to the issues of digitization of accounting processes, the development of automation software, and the impact of new technologies on the changing role of accountants. The study highlights the main trends in the development of accounting in Ukraine: increased transparency and accountability, the growing importance of non-financial reporting, ESG reporting, and integration with digital platforms of the government and the banking system. A forecast for the coming years is proposed regarding the further harmonization of accounting standards with international standards, the active introduction of digital tools, and the growing demand for highly qualified specialists capable of working in the digital economy and global interaction.