Impact of Digital Transformation on Financial Reporting and Accounting Practices in Nigeria
TL;DR
The role of accountants has shifted from traditional number-crunching to more strategic and advisory roles due to the adoption of digital technologies like blockchain, cloud computing, and artificial intelligence.
Abstract
Accounting and financial reporting procedures have changed as a result of the growing use of digital technologies in business operations. The effect of digital transformation on accounting and financial reporting procedures is investigated in this study. According to the findings of a survey of 200 Nigerian accounting experts, digital transformation has increased financial reporting's accuracy and efficiency while simultaneously posing problems including cybersecurity threats and the requirement for new skills. The study adds to the body of knowledge on digital transformation and accounting and offers insights for regulators, policymakers, and accounting professionals. It also reveals that the role of accountants has shifted from traditional number-crunching to more strategic and advisory roles due to the adoption of digital technologies like blockchain, cloud computing, and artificial intelligence.