Digital Transformation in Financial Reporting: A Paradigm Shift towards Transparency and Efficiency

Abstract

This study delves into the crucial aspects of digital transformation in the field of financial reporting. Through the utilization of digital technologies such as blockchain, artificial intelligence (AI), and big data analytics, we illustrate examples of improvements in transparency, decision-making capabilities, and administrative efficiency in financial reporting. The significance of this study lies in understanding the uniqueness of this technology in the field of financial reporting and its potential impacts, which assist in enhancing administrative processes. Additionally, we analyze the challenges and opportunities presented by digital transformation, paving the way for a deeper understanding of its implications on the financial reporting landscape.