The Impact of AI on IFRS: Enhancing Financial Reporting and Compliance
The Impact of AI on IFRS: Enhancing Financial Reporting and Compliance

Author(s): Galia Mancheva
Subject(s): Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Social Informatics, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: artificial Intelligence; IFRS; financial reporting; machine learning; natural language processing; robotic process automation; compliance; auditing; technology in finance
Summary/Abstract: Artificial Intelligence (AI) is revolutionizing the way businesses manage financial data, and its impact on the International Financial Reporting Standards (IFRS) is profound. This paper explores the role of AI in enhancing financial reporting and ensuring compliance with IFRS. It examines AI-driven technologies like machine learning, natural language processing, and robotic process automation that aid in improving the accuracy, efficiency, and transparency of financial reporting. The paper is based on the hypothesis that AI will improve the accuracy and consistency of financial reporting, reducing human errors and enhancing the reliability of financial statements. Additionally, it discusses challenges related to data security, ethical concerns, and regulatory compliance that may arise with the integration of AI in financial practices. By analyzing the benefits and potential risks, the study provides insights into how AI can reshape financial reporting and regulatory compliance in the digital age.

• Details
• Contents