Refinement of Accounting Methods and Principles in Industry 5.0
Refinement of Accounting Methods and Principles in Industry 5.0

Summary/Abstract: The fourth industrial revolution is replaced by Industry 5.0, which is positioned as a human-centered concept of scientific and technological development. The fifth industrial revolution clarifies the theoretical provisions of accounting in the direction of taking into account the behavioral and informational habits of accounting and management specialists, protecting environmental and public interests, optimizing the management of business activities. The methodological techniques and principles of accounting information processing in Industry 5.0 are undergoing the most significant changes. The relationship between accounting methods and accounting principles in the context of using the latest computer and communication technologies is substantiated. The areas of improvement of methodical methods of accounting with the formation of specific principles of accounting information processing, which were updated under the influence of the formation of Industry 5.0, were determined. Such principles of accounting information processing, grouped by accounting methods, should include: documentation (openness, communication, deregulation, anthropocentrism); inventory (permanence, automatic inventory, non-contact, autonomous movement); assessment (comparability, prioritization of fair assessment, automatic reassessment, planning); calculation (simultaneity, predictability, autonomy, adjustability); double (triple) record (integration, control, security, transparency); reporting (adaptability, international flexibility, convenience, visualization). The necessity of the complex use of the latest computer and communication technologies for the manifestation of the positive features of Industry 5.0 in terms of the implementation of specific accounting principles has been proven. The optimization of specific management accounting methods in the conditions of Industry 5.0 requires further additional research.

• Details
• Contents