The impact of COVID-19 on the economic and accounting transformation
The coronacrisis accelerated the process of economic digitization. New technologies are changing approaches to the organization of labor, as a result of a process of changing classic business models. The competitive environment in all market sectors is changing. Businesses at all levels are working...
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| Format: | Article |
| Language: | English |
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Zhytomyr Polytechnic State University
2020-12-01
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| Series: | Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу |
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| Online Access: | http://pbo.ztu.edu.ua/article/view/223516 |
| _version_ | 1818875385836732416 |
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| author | M.P. Horodyskyi D.M. Zakharov І.V. Оrlov |
| author_facet | M.P. Horodyskyi D.M. Zakharov І.V. Оrlov |
| author_sort | M.P. Horodyskyi |
| collection | DOAJ |
| description | The coronacrisis accelerated the process of economic digitization. New technologies are changing approaches to the organization of labor, as a result of a process of changing classic business models. The competitive environment in all market sectors is changing. Businesses at all levels are working to integrate technology for creating a sustainable, mobile, and digital business model. Accordingly, to ensure this process, technical support in the form of data hubs, data centers, etc. is required.
ISSN 1994-1749. 2020. Вип. 3 (47)
Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу
70
Strategies of digitalization of different countries are considered. It is determined that the digitization process provides these basic factors for the beginning of qualitative changes: infrastructure upgrades, expansion of databases, widespread mobile devices with a high level of communication capabilities, increasing accessibility and expanding the use of the Internet. As a result, digitalization leads to a general «connection» and the total impact of these processes on all sectors of the economy: industry, transport, finance, health, education, and others. For an objective assessment of performance and business opportunities, it is proposed to include in the management report information on development prospects, key risks, the achievement of declared goals, and strategic plans, taking into account the degree of consequences caused by the COVID-19 pandemic. Businesses should review their accounting and reporting policies to provide accurate and up-to-date information on stakeholder performance. |
| first_indexed | 2024-12-19T13:25:40Z |
| format | Article |
| id | doaj.art-e51ff2ff349b4ed7954b32b7195e6424 |
| institution | Directory Open Access Journal |
| issn | 1994-1749 2708-4957 |
| language | English |
| last_indexed | 2024-12-19T13:25:40Z |
| publishDate | 2020-12-01 |
| publisher | Zhytomyr Polytechnic State University |
| record_format | Article |
| series | Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу |
| spelling | doaj.art-e51ff2ff349b4ed7954b32b7195e64242022-12-21T20:19:34ZengZhytomyr Polytechnic State UniversityПроблеми теорії та методології бухгалтерського обліку, контролю і аналізу1994-17492708-49572020-12-01347142210.26642/pbo-2020-3(47)-14-22The impact of COVID-19 on the economic and accounting transformationM.P. Horodyskyihttps://orcid.org/0000-0002-9433-1454D.M. Zakharovhttps://orcid.org/0000-0003-3423-0093І.V. ОrlovThe coronacrisis accelerated the process of economic digitization. New technologies are changing approaches to the organization of labor, as a result of a process of changing classic business models. The competitive environment in all market sectors is changing. Businesses at all levels are working to integrate technology for creating a sustainable, mobile, and digital business model. Accordingly, to ensure this process, technical support in the form of data hubs, data centers, etc. is required. ISSN 1994-1749. 2020. Вип. 3 (47) Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу 70 Strategies of digitalization of different countries are considered. It is determined that the digitization process provides these basic factors for the beginning of qualitative changes: infrastructure upgrades, expansion of databases, widespread mobile devices with a high level of communication capabilities, increasing accessibility and expanding the use of the Internet. As a result, digitalization leads to a general «connection» and the total impact of these processes on all sectors of the economy: industry, transport, finance, health, education, and others. For an objective assessment of performance and business opportunities, it is proposed to include in the management report information on development prospects, key risks, the achievement of declared goals, and strategic plans, taking into account the degree of consequences caused by the COVID-19 pandemic. Businesses should review their accounting and reporting policies to provide accurate and up-to-date information on stakeholder performance.http://pbo.ztu.edu.ua/article/view/223516digitalizationeconomic transformationcoronacrisismanagement reportaccounting policy |
| spellingShingle | M.P. Horodyskyi D.M. Zakharov І.V. Оrlov The impact of COVID-19 on the economic and accounting transformation Проблеми теорії та методології бухгалтерського обліку, контролю і аналізу digitalization economic transformation coronacrisis management report accounting policy |
| title | The impact of COVID-19 on the economic and accounting transformation |
| title_full | The impact of COVID-19 on the economic and accounting transformation |
| title_fullStr | The impact of COVID-19 on the economic and accounting transformation |
| title_full_unstemmed | The impact of COVID-19 on the economic and accounting transformation |
| title_short | The impact of COVID-19 on the economic and accounting transformation |
| title_sort | impact of covid 19 on the economic and accounting transformation |
| topic | digitalization economic transformation coronacrisis management report accounting policy |
| url | http://pbo.ztu.edu.ua/article/view/223516 |
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