FINANCIAL REPORTING BEST PRACTICES IN THE DIGITAL AGE
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ABSTRACT:
This research explores the best practices in financial reporting in the digital age in Lagos State, Nigeria. The objectives are to: (1) identify key digital tools and technologies enhancing financial reporting, (2) evaluate the impact of digitalization on reporting accuracy and efficiency, and (3) analyze the challenges and strategies for adopting best practices. A survey design was employed to collect data from financial managers and IT professionals. The sample size, determined using Taro Yamane's formula, ensures representativeness. Dangote Cement Plc was chosen as the case study due to its adoption of digital reporting practices. The reliability coefficient score of the survey was 0.90. Findings indicate that digital tools significantly enhance the accuracy and efficiency of financial reporting, although challenges in implementation persist. It is recommended that companies in Lagos State adopt best practices by investing in digital technologies and addressing these challenges.
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