The impact of the economy digitalization on the development of the accounting multi-paradigm for the purposes of financial analysis

Abstract

The object of research is the process of formation of accounting paradigms in the digital economy and their compliance with the information support of financial analysis for management needs. The prospects of research are due to the fact that one of the most problematic places is debugging the relationship between accounting practice and science. The regulation of this process is associated with the complexity of identifying individual accounting objects that arise as a support for the digitalization of services and the standardization of this process. There is a transformation of the established accounting paradigm into a multi-paradigm, since traditional and regulatory requirements for data sources are preserved and completely new ones, of a different economic and social orientation, are emerging. To determine the needs of information support for financial analysis, the institutional and legal field for the development of the digital economy in Ukraine, the state of development of the information society have been studied. The volumes of implementation of digitalization of individual corporations are analyzed. The analysis of the current state of theoretical developments in accounting in conjunction with the development of digital technologies in financial and economic processes is carried out. It has been determined that the accounting paradigm is the prevailing interpretation among researchers, practitioners, in regulatory documents and accounting standards of the position/state of the theory of accounting and its economic doctrine, generalizing by the time. The main characteristics of the digital economy and spending on innovation are identified as the leitmotif of the use of knowledge as capital, which is associated with a qualitatively new type of information and telecommunication technologies, inclusive sustainable development, and extends to the methodology of social sciences and management. In the course of the study, multidisciplinary chain links were identified: digital economy – accounting paradigms – methods of financial analysis. A working hypothesis of the influence of these connections on the accounting paradigms and the crystallization of the latter in the multiparadigm has been developed. The risk vectors associated with the advanced development of the digital economy against the tools of its analysis are identified: regulatory, socio-economic, technological and managerial. Subsequently, the stages of financial analysis procedures were adjusted by expanding accounting information on the state of the market and corporate processes in the context of new technologies for making strategic decisions. By clarifying the methodology of financial analysis as a reaction to the multidisciplinarity of the accounting paradigm, an assessment is made of the use of innovative technologies by corporations. It has been proved that the penetration of transactions inherent in the digital economy into the financial system entails its reaction and requires appropriate changes in the methods and methodology of financial analysis. Since the basis of information support for financial analysis is accounting, the development of its paradigm as a multi-paradigm affects the quality of financial data produced for management.