ADVANTAGES AND CHALLENGES OF THE REGULATION OF THE STANDARDIZED AUDIT FILE SAF-T IN THE CONTEXT OF FINANCIAL ACCOUNTING IN DIFFERENT COUNTRIES

Abstract

In different countries, the regulation of a standardized audit file in the context of financial accounting provides not only benefits, but also creates certain challenges. Applying the methods of analysis and synthesis of scientific literature, legal acts, regulations, this article examines the legal regulation and concept of the SAF-T file in order to reveal the essence and necessity of the SAF-T file. Also, this article analyzes the general influence of the SAF-T file on accounting practice in Lithuania, Poland, Portugal, Singapore and Romania using the comparison method in order to reveal the advantages and challenges of implementing SAF-T in companies in the context of financial accounting. The research results revealed that SAF-T is an international standard that defines the electronic way in which companies can submit their accounting data for audit purposes to an audit company or tax inspectorate. The regulation of SAF-T is adapted in each country, according to the legal framework applicable in that country. The implementation of SAF-T in companies has both advantages and challenges in the context of financial accounting, which depend on certain factors related to the specific company and the legal framework of the country where the company is located. The main benefit is a simplified and accelerated tax audit process and tax transparency. The main challenges are initial investments, technological compatibility, changes in legislation.