The article examines topical issues related to reporting and taxation in the context of European integration. It emphasizes the critical roles that reporting and taxation play in the financial activities of enterprises and their importance in ensuring the stability of the state’s economic system. In light of Ukraine's European integration, adapting the national reporting and taxation systems to align with European Union standards is identified as a crucial task. This adaptation will require significant changes in these areas. The article asserts that the processes of European integration promote the adoption of International Financial Reporting Standards (IFRS), the harmonization of the tax system, and the improvement of transfer pricing control. A detailed analysis compares the national reporting and taxation systems with European standards, identifying and articulating key areas for improvement. These areas for reform include: transitioning to IFRS, adjusting VAT and excise taxes to meet European standards, automating tax administration, and digitizing reporting processes. The proposed directions are based on the author’s insights into necessary actions and the anticipated outcomes of their implementation. The article highlights the increasing demands for transparency in financial transactions, the need to adapt the tax system, and the introduction of new standards in accounting and taxation, which present significant challenges for Ukraine. It also acknowledges Ukraine’s achievements in these areas while emphasizing the need for further measures to ensure effective integration into the EU's single economic space. Moreover, the importance of enhancing the training of specialists in accounting and taxation is discussed, as this will help develop the necessary infrastructure and enable businesses to adapt to new requirements. The article concludes that to achieve full compliance with EU standards, considerable effort is needed, particularly in training, improving legislation, and applying the latest technologies in reporting and taxation.