The article discusses how accounting in Ukraine has evolved since 1990. Initially focused on taxation, accounting methods were influenced by the tax inspectorate. In the late 1990s, accounting and taxation reporting were separated, but the opportunity to create a business-friendly accounting system was missed. In 2000, Ukraine adopted national accounting standards based on international ones, which proved premature. The government is now trying to align tax calculations with financial accounting. The article suggests that accounting reforms could be beneficial if the accounting elite and government collaborate, but this may be challenging due to the political and economic context.