Influence of Digital Transformation on Financial Reporting in Large Corporations in Developing Economies: A Case Study of Nigeria

This paper delved into the nuances in the influence of digital transformation on financial reporting in large corporations. The context of the paper was to comprehend digital transformation in financial reporting organically and contextualise in a developing economy such as Nigeria. The paper used qualitative research to explore advancements in digital technologies and how it influences financial reporting in large corporations. Data was collected from secondary sources and analysed using themes and the paper presented both challenges and opportunities of digital transformation in financial reporting. The findings showcased that prevalent digital technologies in financial reporting are automated and computerised systems, cloud computing, big data analytics, artificial intelligence and use of internet of things The paper pointed out some inherent challenges and risks facing digital transformation in financial reporting in Nigerian large corporations such as lack of infrastructure, limited technology and connectivity skill gaps and levels of digital literacy as well as vulnerability to cyber-attacks and threats. Overall, it was concluded that digital transformation facilitates significant improvement of financial reporting in terms of accuracy, transparency, detecting anomalies and errors and promoting informed decision making for stakeholders. It was recommended that to solve the challenges in digital transformation for financial reporting there should be investments in technology, education, data protection as well as collaboration between government, corporate leaders, executives and management to commit to enhancing the harnessing of the potentials of digital technologies in the future of Nigeria as a developing economy.