IFRS and the Use of Artificial Intelligence in Nigerian Financial Reporting
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Background of the Study
The integration of Artificial Intelligence (AI) in financial reporting is becoming increasingly vital as organizations seek to enhance accuracy, efficiency, and compliance with international standards such as the International Financial Reporting Standards (IFRS). AI technologies, including machine learning, natural language processing, and robotic process automation, offer powerful tools for automating data collection, analysis, and reporting processes, all of which are crucial for meeting the rigorous demands of IFRS.
In Nigeria, the adoption of IFRS has presented challenges related to complex reporting requirements, such as fair value measurement and financial instrument classification. The emergence of AI in the financial sector presents opportunities for Nigerian firms to automate their financial reporting processes, ensuring faster, more accurate, and IFRS-compliant outcomes. However, the application of AI in financial reporting is still in its nascent stages in Nigeria, with factors such as technological infrastructure, regulatory readiness, and skill gaps affecting its adoption. This study explores how AI can assist in meeting IFRS requirements in Nigerian financial reporting, identifying the benefits, challenges, and potential for AI-driven solutions in the country.
Statement of the Problem
Despite the potential benefits of AI in improving financial reporting accuracy and compliance with IFRS, the use of AI in Nigerian financial reporting remains underexplored. This study addresses the gap by evaluating the role of AI in ensuring IFRS compliance, its potential applications, and the challenges hindering its widespread adoption.
Aim and Objectives of the Study
1. To explore the role of Artificial Intelligence in Nigerian financial reporting for IFRS compliance.
2. To assess the potential benefits of AI in automating financial reporting processes.
3. To identify the challenges faced by Nigerian firms in adopting AI for financial reporting.
Research Questions
1. How can Artificial Intelligence assist in ensuring IFRS compliance in Nigerian financial reporting?
2. What are the benefits of using AI in automating financial reporting processes in Nigeria?
3. What challenges hinder the adoption of AI for IFRS compliance in Nigerian firms?
Research Hypotheses
1. H₀: Artificial Intelligence does not significantly improve IFRS compliance in Nigerian financial reporting.
2. H₀: The adoption of AI does not significantly enhance the efficiency of financial reporting processes in Nigeria.
3. H₀: Challenges in adopting AI do not significantly affect IFRS compliance in Nigerian firms.
Significance of the Study
This study will provide insights into the potential applications of AI in Nigerian financial reporting, contributing to enhanced IFRS compliance. The findings will be valuable to policymakers, regulators, and firms considering AI integration into their financial reporting processes.
Scope and Limitation of the Study
The study focuses on Nigerian firms and their use of AI in financial reporting, particularly in the context of IFRS compliance. Limitations include the limited availability of data on AI adoption across Nigerian organizations and the varying levels of technological infrastructure.
Definition of Terms
• Artificial Intelligence (AI): The simulation of human intelligence in machines to perform tasks such as data analysis, decision-making, and automation.
• IFRS Compliance: Adherence to International Financial Reporting Standards in financial reporting.
• Financial Reporting: The process of preparing and presenting financial statements in compliance with established standards.
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