Revamp the Accounting and Financial Reporting System for the Digital Economy
Bhavesh Gondaliya
University of Mumbai
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The advancement of contemporary information systems and technology has brought about significant accounting methodologies and procedures changes. This article explores the development of accounting and financial reporting systems within the digital economy, highlighting the significant trends and factors influencing their evolution. These factors influence various facets of accounting, including content orientation, principles, methods, techniques, and characteristics of information products. Moreover, they impact internal organizational structures, the selection and integration of accounting techniques, the categorization and recognition of accounting entities, and the establishment of standards for classification and recognition. The research also identifies potential pathways for enhancing financial reporting and accounting systems, which serve as critical information sources in the universal economic landscape. Suggestions encompass leveraging blockchain technology and contactless identification for capturing and storing economic data, aggregated information, financial and non-financial reports, while also integrating reliability filters.
Keywords: accounting methodologies; accounting and financial reporting systems; digital economy
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