IMPROVING THE METHODOLOGY FOR PREPARING ENTERPRISE FINANCIAL STATEMENTS IN THE CONTEXT OF ACCOUNTING DIGITALIZATION

Abstract

Ways to improve the methodology for preparing financial statements of enterprises in Ukraine under the conditions of accounting digitalization have been examined. The essence, types, and composition of enterprise financial statements have been outlined, the main trends in the use of digital technologies in the preparation of financial reporting have been identified, and approaches to mitigating risks associated with the digitalization of financial reporting have been proposed. The implementation of ERP systems and cloud-based solutions has required significant investments, organizational changes, and the adaptation of methodological approaches to accounting, which has become a challenge for enterprises with limited resources or traditional management practices. Despite the widespread adoption of ERP systems and specialized modules, the absence of a unified integration standard, the use of different software products, and the incomplete automation of accounting processes have created gaps in the preparation of financial statements and have complicated the maintenance of data consistency across subsystems. Problems related to the harmonization of national accounting standards with International Financial Reporting Standards (IFRS) have become particularly evident. The authors have proposed the following directions for improving the preparation of financial statements: automation of the financial reporting process, which reduces human intervention and the risk of errors, accelerates data processing, and ensures consistency of information across different accounting system modules; development of analytical mechanisms that enable deeper data processing, forecasting of financial indicators, and real-time support for managerial decision-making; enhanced integration of data among accounting, financial, and management systems within an enterprise, facilitating the creation of a unified digital platform for obtaining consistent and comprehensive reporting information; application of artificial intelligence for the automatic classification of business transactions, verification of the accuracy of reported figures, generation of disclosures for notes to the financial statements, and preparation of analytical reports on changes in the enterprise’s financial position; and disclosure of information regarding cyber risks and the enterprise’s information resources in the notes to the annual financial statements.