Artificial Intelligence Applications in Accounting and Financial Reporting Systems

Abstract

In light of globalization and the competitive economy, it became necessary for investors being ready to evaluate the accounting data necessary to make economic decisions that contribute to the development of their businesses. Nevertheless, many consumers of accounting information are still unable to make effective use of the accounting data presented in the financial statements. The chapter will therefore discuss innovative ideas that can allow investors and other stakeholders to understand and use accounting data in the light of best AI applications. It provides an overview of the impact of artificial intelligence on accounting and reporting practices. The chapter also discusses the latest developments in the field of artificial intelligence (AI) technology and their implementation in the context of global accounting practices, including accounting systems, financial reporting systems, and auditing.