IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i19p14165-d1247255.html

Riding the Waves of Artificial Intelligence in Advancing Accounting and Its Implications for Sustainable Development Goals

Author

Listed:
  • Yixuan Peng

    (School of Law, Huazhong University of Science and Technology, Wuhan 430074, China)

  • Sayed Fayaz Ahmad

    (Department of Engineering Management, Institute of Business Management, Karachi 74000, Pakistan)

  • Ahmad Y. A. Bani Ahmad

    (Department of Financial and Accounting Science, Middle East University, Amman 11121, Jordan)

  • Mustafa S. Al Shaikh

    (College of Business, Zarqa University, Zarqa 11512, Jordan)

  • Mohammad Khalaf Daoud

    (Department of Marketing, Applied Science Private University, Amman 11121, Jordan)

  • Fuad Mohammed Hussein Alhamdi

    (Department of Business Administration, College of Sciences and Humanities-Aflaj, Prince Sattan Bin Abdulaziz University, Al-Aflaj 16828, Saudi Arabia)

Abstract

Artificial intelligence (AI) is emerging as a disruptive force in many sectors, and using it in accounting isn’t an exception. This conceptual paper explores the role of AI in accounting, for financial reporting, auditing, and financial decision-making and provides accountants an opportunity to improve efficiency, accuracy, and decision support. AI, through data analytics, algorithms, automation, etc. has an important role in the field of accounting with some challenges also. The study also highlights the implications of AI in accounting for achieving several Sustainable Development Goals (SDGs). Firstly, AI-driven automation can restructure financial activities, reducing time and resource consumption, and contributing to SDG 8 (Decent Work and Economic Growth). In addition, by providing real-time data analysis, AI empowers businesses to make sustainable decisions based on real-time data, aligning with SDG 9 (Industry, Innovation, and Infrastructure) and SDG-16 (Peace, Justice, and Strong Institutions) and SDG 17 (Partnerships for the Goals). The paper has implications for policy makers, technology developers, financial institutions and business firms.

Suggested Citation

  • Yixuan Peng & Sayed Fayaz Ahmad & Ahmad Y. A. Bani Ahmad & Mustafa S. Al Shaikh & Mohammad Khalaf Daoud & Fuad Mohammed Hussein Alhamdi, 2023. "Riding the Waves of Artificial Intelligence in Advancing Accounting and Its Implications for Sustainable Development Goals," Sustainability, MDPI, vol. 15(19), pages 1-12, September.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:19:p:14165-:d:1247255
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/19/14165/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/19/14165/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sayed Fayaz Ahmad & Mohd. Khairil Rahmat & Muhammad Shujaat Mubarik & Muhammad Mansoor Alam & Syed Irfan Hyder, 2021. "Artificial Intelligence and Its Role in Education," Sustainability, MDPI, vol. 13(22), pages 1-11, November.
    2. Yasser Khan & Mazliham Bin Mohd Su’ud & Muhammad Mansoor Alam & Syed Fayaz Ahmad & Ahmad Y. A. Bani Ahmad (Ayassrah) & Nasir Khan, 2022. "Application of Internet of Things (IoT) in Sustainable Supply Chain Management," Sustainability, MDPI, vol. 15(1), pages 1-14, December.
    3. Ana Isabel Morais, 2020. "Are changes in international accounting standards making them more complex?," Accounting Forum, Taylor & Francis Journals, vol. 44(1), pages 35-63, January.
    4. Jeffrey James, 2021. "Confronting the scarcity of digital skills among the poor in developing countries," Development Policy Review, Overseas Development Institute, vol. 39(2), pages 324-339, March.
    5. Martin Hoogendoorn, 2006. "International Accounting Regulation and IFRS Implementation in Europe and Beyond -- Experiences with First-time Adoption in Europe," Accounting in Europe, Taylor & Francis Journals, vol. 3(1), pages 23-26, October.
    6. repec:eme:aaaj00:aaaj-09-2020-4934 is not listed on IDEAS
    7. Othmar Manfred Lehner & Kim Ittonen & Hanna Silvola & Eva Ström & Alena Wührleitner, 2022. "Artificial intelligence based decision-making in accounting and auditing: ethical challenges and normative thinking," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 35(9), pages 109-135, June.
    8. Belverd Needles, 2010. "Accounting Education: The Impact of Globalization," Accounting Education, Taylor & Francis Journals, vol. 19(6), pages 601-605.
    9. Kexing Ding & Baruch Lev & Xuan Peng & Ting Sun & Miklos A. Vasarhelyi, 2020. "Machine learning improves accounting estimates: evidence from insurance payments," Review of Accounting Studies, Springer, vol. 25(3), pages 1098-1134, September.
    10. Sora Yoon, 2020. "A Study on the Transformation of Accounting Based on New Technologies: Evidence from Korea," Sustainability, MDPI, vol. 12(20), pages 1-22, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hengjun Mei & Simona-Aurelia Bodog & Daniel Badulescu, 2024. "Artificial Intelligence Adoption in Sustainable Banking Services: The Critical Role of Technological Literacy," Sustainability, MDPI, vol. 16(20), pages 1-25, October.
    2. Imjai, Narinthon & Yordudom, Tanakrit & Yaacob, Zulnaidi & Saad, Nor Hasliza Md & Aujirapongpan, Somnuk, 2025. "Impact of AI literacy and adaptability on financial analyst skills among prospective Thai accountants: The role of critical thinking," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    3. repec:bcp:journl:v:9:y:2025:i:29:p:32-37 is not listed on IDEAS
    4. Covucci, Claudia & Confetto, Maria Giovanna & Ključnikov, Aleksandr & Panait, Mirela, 2024. "Unrevealing the nexus between digital sustainability and corporate digital responsibility: A dual-track systematic literature review towards a framework of corporate digital sustainability," Technology in Society, Elsevier, vol. 79(C).
    5. Bigerna, Simona & Micheli, Silvia, 2025. "Is there worldwide convergence toward the SDGs?," Journal of Policy Modeling, Elsevier, vol. 47(1), pages 97-117.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mateja Gorenc, 2024. "Artificial Intelligence and Benford Law as Useful Tools for Detecting Accounting Fraud," MakeLearn 2024: Artificial Intelligence for Human-Technologies-Economy Sustainable Development,, ToKnowPress.
    2. Sayed Fayaz Ahmad & Muhammad Mansoor Alam & Mohd. Khairil Rahmat & Muhammad Khalil Shahid & Mahnaz Aslam & Nur Agus Salim & Mohammed Hasan Ali Al-Abyadh, 2023. "Leading Edge or Bleeding Edge: Designing a Framework for the Adoption of AI Technology in an Educational Organization," Sustainability, MDPI, vol. 15(8), pages 1-20, April.
    3. Favourate y Mpofu, 2023. "The application of Artificial Intelligence in external auditing and its implications on audit quality? A review of the ongoing debates," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 12(9), pages 496-512, December.
    4. Ghadeer Alsanie, 2025. "Investigating the Impact of Digitalization on Resource Use, Energy Use, and Waste Reduction Towards Sustainability: Considering Environmental Awareness as a Moderator," Sustainability, MDPI, vol. 17(9), pages 1-37, April.
    5. Hsing-Hua Hsiung & Jia-Yu Lin, 2025. "The Impact of Intellectual Capital on the Digital Transformation of Accountancy Firms in Taiwan," SAGE Open, , vol. 15(4), pages 21582440251, November.
    6. Carmen Elena Stoenoiu, 2025. "Perspectives on the development of digital techniques and tools with implications for accounting and financial audit services," GATR Journals jfbr232, Global Academy of Training and Research (GATR) Enterprise.
    7. Ylinen, Mika & Ranta, Mikko, 2025. "Predicting corporate innovation using machine learning and social media data," Technovation, Elsevier, vol. 148(C).
    8. Alaskar, Mohammad Zaid & Kim, Ja Ryong & Nguyen, Tam Huy & Rafique, Muhammad, 2025. "Balancing performance and ethics: Navigating visual recognition technology adoption in the auditing industry," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 59(C).
    9. Adrian GROȘANU & Melinda-Timea FÜLÖP & Nicolae MĂGDAȘ, 2024. "Ethical Dilemmas in Digital Accounting: A Comprehensive Literature Review," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(4), pages 56-67, April.
    10. Sinziana-Maria Rindasu & Ioan Dan Topor & Liliana Ionescu-Feleaga, 2023. "The Evolution of Management Accountants' Digital Skills in Industry 4.0: A Qualitative Approach," Oblik i finansi, Institute of Accounting and Finance, issue 1, pages 38-48, March.
    11. Zhang, Chanyuan (Abigail) & Cho, Soohyun & Vasarhelyi, Miklos, 2022. "Explainable Artificial Intelligence (XAI) in auditing," International Journal of Accounting Information Systems, Elsevier, vol. 46(C).
    12. Carla Carvalho & Ana Carlos Almeida, 2022. "The Adequacy of Accounting Education in the Development of Transversal Skills Needed to Meet Market Demands," Sustainability, MDPI, vol. 14(10), pages 1-18, May.
    13. Najihah Yaacob & Ayoib Che-Ahmad, 2012. "Audit Fees after IFRS Adoption: Evidence from Malaysia," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 2(1), pages 31-46, June.
    14. Chotia, Varun & Khoualdi, Kamel & Broccardo, Laura & Yaqub, Muhammad Zafar, 2025. "The role of cyber security and digital transformation in gaining competitive advantage through Strategic Management Accounting," Technology in Society, Elsevier, vol. 81(C).
    15. Yin, Lei & Sun, Guanglin & Kong, Tao, 2025. "Regional big data development and corporate financial fraud," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    16. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M. & Watson, Stephanie F., 2013. "Accounting education literature review (2010–2012)," Journal of Accounting Education, Elsevier, vol. 31(2), pages 107-161.
    17. Armah, Abdul Karim & Li, Jinfa & Wei, Mengdi, 2025. "Effect of infrastructure and technological factors on slum online commerce and product delivery: A structural functionalism perspective," Journal of Retailing and Consumer Services, Elsevier, vol. 85(C).
    18. Soares Martins Neto, Antonio & Liu, Yan & Khunara, Saloni & Porras Lopez, Juan Manuel, 2026. "Click, Code, Earn : The Returns to Digital Skills," Policy Research Working Paper Series 11313, The World Bank.
    19. Jiří Strouhal & Marie Paseková & Libuše Müllerová, 2011. "Comparative Analysis of Czech Accounting with International Regulation from SMEs Perspective," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2011(1), pages 39-59.
    20. Jeremy Bertomeu & Edwige Cheynel & Yifei Liao & Mario Milone, 2025. "Using Machine Learning to Measure Conservatism," Management Science, INFORMS, vol. 71(2), pages 1504-1522, February.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:19:p:14165-:d:1247255. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.