Relevance. Modern information technologies by virtue of their key characteristics such as simplicity, speed, scale, are becoming the basis for innovations in management strategies and management accounting, which are crucial for the success. Those who are responsible for the decision-making process should create the basis for the development of the digital economy today in order to ensure the economic growth of the country, as well as to improve the standard of living of the population. Goal. The main purpose of this article is to formulate recommendations for the transformation of management accounting in the digital economy.Objectives. The main objectives of the research are: (1) to study conceptual approaches to the digital economy and Industry 4.0; (2) to study the impact of Industry 4.0 and the digital economy on management accounting, including the proposal of possible solutions; (3) to consider the role of management accounting and the role of the accountant for management accounting in the digital economy; (4) to study cost management in digital economy and (5) forecast of the main trends in the development of management accounting.Methodology. The theoretical basis of the research is based on the ideas of the work and everyday interaction of societies, companies and governments of different countries. The following principles were specified from the mentioned goals: employees should have a certain level of digital competence; production processes become more flexible and efficient, which contributes to obtaining high-quality products at a low price; to promote digitalization, it is necessary to encourage and stimulate private investment by the state; to create an environment for cross-sectoral and cross-border cooperation, free from crime, and others.Conclusions. In the course of working on this article, we achieved to find the key to issues of real interest to the business and academic environment in order to stimulate the adoption of new challenges related to the introduction of innovative technologies and open new research areas. The involvement of various specialists, regardless of their geographical origin, contributes to the expansion of knowledge about the digital economy, the fourth industrial wave and the evolving trends of management accounting. As a result of our research, we also identified areas for further research.