IFRS and the Use of Artificial Intelligence in Nigerian Financial Reporting
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Background of the Study
Artificial Intelligence (AI) is revolutionizing various sectors globally, including accounting and financial reporting. In Nigeria, the adoption of International Financial Reporting Standards (IFRS) has necessitated greater accuracy, transparency, and timeliness in financial reporting. The integration of AI in accounting processes has the potential to significantly improve the quality of financial reports, particularly in automating complex tasks like data analysis, reconciliation, and fraud detection. With AI technologies, Nigerian firms can enhance IFRS compliance by providing more reliable financial data, reducing human error, and ensuring that financial reports meet global standards. Understanding how AI complements IFRS adoption and its impact on financial reporting in Nigeria is crucial for identifying its benefits and challenges.
Statement of the Problem
Although AI has demonstrated potential in transforming financial reporting processes, there is limited research on the specific role AI plays in enhancing IFRS compliance in Nigerian firms. The challenge lies in determining the extent to which AI has been integrated into Nigerian financial reporting systems, particularly for firms adhering to IFRS. This study aims to explore the role of AI in improving IFRS compliance and enhancing the quality of financial reporting in Nigerian firms.
Aim and Objectives of the Study
Aim:
To investigate the role of artificial intelligence in improving IFRS compliance and financial reporting quality in Nigerian firms.
Objectives:
To assess the extent to which AI is used to enhance IFRS compliance in Nigerian firms.
To explore the impact of AI technologies on the accuracy and transparency of financial reporting in Nigerian firms.
To identify the challenges and opportunities associated with integrating AI into IFRS compliance in Nigeria.
Research Questions
How has AI been integrated into Nigerian financial reporting systems to improve IFRS compliance?
What is the impact of AI on the accuracy and transparency of financial reporting in Nigerian firms?
What challenges and opportunities do Nigerian firms face when integrating AI with IFRS compliance?
Research Hypotheses
The use of AI in Nigerian firms has a positive impact on IFRS compliance and financial reporting quality.
AI technologies improve the accuracy and transparency of financial reporting in Nigerian firms adhering to IFRS.
The integration of AI into IFRS compliance in Nigerian firms presents significant challenges, but also opportunities for enhanced financial reporting.
Significance of the Study
This study will provide insights into the role of AI in improving IFRS compliance and the quality of financial reporting in Nigeria. The findings will benefit firms, regulatory bodies, and technology providers by identifying opportunities for leveraging AI to enhance financial reporting and improve IFRS compliance.
Scope and Limitation of the Study
The study will focus on Nigerian firms that have adopted IFRS and are exploring or using AI technologies in their financial reporting processes. Limitations may include challenges in accessing data from firms that have not yet adopted AI in their accounting practices.
Definition of Terms
Artificial Intelligence (AI): The simulation of human intelligence processes by machines, especially computer systems, to perform tasks like data analysis and decision-making.
IFRS Compliance: The degree to which firms adhere to the International Financial Reporting Standards in preparing their financial reports.
Financial Reporting Quality: The accuracy, reliability, and transparency of financial reports prepared according to IFRS.
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