The research aims to study practical and theoretical approaches to develop the concept of separate accounting in railway transport in the context of transformation in the interests of sustainable development. Being the main sector of the market economy, transport connects producers of goods with consumers. Railway transport (monopoly) uses specific methods of accounting for income and expenses in the process of transportation. A system for collecting and summarizing information on expenses and income by activity type and service is used to analyze costs and effectively manage finances in transport companies. This system ensures the profitability of specific activities and maintains transparent accounting, even under conditions of uncertainty and risk. The need to make real-time financial decisions is driven by the external environment, internal factors, and industry conditions. This necessitates developing a concept to transform accounting methods and company operations. The goal is to analyze the cost and profitability of individual activities and ensure accurate and transparent accounting. The practical value of this research lies in the fact that the use of the proposed methodology for separate accounting and cost calculation when the transformation of the railway industry of Uzbekistan will increase its transparency and reliability.