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Prospects for the use of artificial intelligence in financial accounting

Author

Listed:
  • Daria Trachova
  • Tetiana Davydiuk
  • Olena Demchuk

Abstract

The use of artificial intelligence in financial accounting is gradually moving from the realm of purely scientific research to the practice of use by business entities. The results of the most popular area of artificial intelligence, namely machine learning in forecasting, error and fraud detection, are becoming commonplace and have had enormous positive results. However, in a dynamically changing economy, which is influenced by economic, political, and geopolitical indicators, not standard, but rather original, atypical solutions based not only on known algorithms but also on professional judgment and non-standard vision of an accounting specialist are of particular value. This is a promising area for the development of artificial intelligence and adds an economic and psychological component to technical and information processes

Suggested Citation

  • Daria Trachova & Tetiana Davydiuk & Olena Demchuk, 2023. "Prospects for the use of artificial intelligence in financial accounting," Management and Business Articles, Management and Business, vol. 1(2), pages 171-191, November.
    • Handle: RePEc:bdw:emsesd:v:1:y:2023:i:2:p:171-191
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    References listed on IDEAS

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    1. Nerissa C. Brown & Richard M. Crowley & W. Brooke Elliott, 2020. "What Are You Saying? Using topic to Detect Financial Misreporting," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 58(1), pages 237-291, March.
    2. Asquith, Paul & Mullins, David W, Jr, 1983. "The Impact of Initiating Dividend Payments on Shareholders' Wealth," The Journal of Business, University of Chicago Press, vol. 56(1), pages 77-96, January.
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