Transforming Global Accounting Standards with Artificial Intelligence and Big Data

Abstract

The integrating of Artificial Intelligence (AI) and Big Data in accounting standards is redefined by improving financial transparency, accuracy, and compliance to the rules and regulations. This paper investigates the use of these technologies in changing accounting practices by surveying accountants, auditors, technology experts and academics. It turned out that 55% of the respondents think that AI can help balance of accounting standards and 60% agree with Big Data analytics contributing to reconciliation of the global regulatory. It was also found that AI was also very efficient at finding anomalies and errors, 50% of participants considered its impact to be significant. So, as many as 50 percent of respondents also admitted that the role of Big Data in the improvement of financial reporting reliability. Despite these benefits of AI & big data, the biggest hurdles are in fact: high implementation costs (30%), lack of technical expertise (25%), and regulatory hurdles (20%). The findings demonstrate that successful implementation of AI and Big Data has financial and regulatory barriers that must be overcome. However, this study offers policy directions, accounting perspectives and technology development directions to policymakers, accounting professionals and technology developers to align emerging technologies with global accounting frameworks