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Kagwaini, Dorothy (International Conference on Management and Economics, 2019)[more][less]
Abstract: In the year 2015 the International Accounting Standards Board made a decision to stick to their core business of financial reporting. However, the need for efficient and effective ways of measuring and communicating nonfinancial information is paramount to ensure the realization of corporate reporting disclosure that has been at loggerheads with the traditional financial reporting. The purpose was to provide clarity in how the International Accounting Standards Board could play a more proactive role on corporate reporting disclosures by focusing on artificial intelligence. This will enable preparers to have a clear understanding of which standards would be appropriate when evaluating non-financial information. The paper adopted a qualitative approach whereby white papers from the World Economic Forum as well as journal papers were used. Drawing from the use of artificial intelligence, this paper reported on the current developments of the Global Regulator‘s taxonomy, benefits of corporate reporting disclosures by firms along with practical guidelines for mentality change of Accountants in their profession. Finally, challenges advanced by the artificial intelligence such as societal impacts were argued. It was concluded that the Global Regulator could improve the current taxonomy to include non-financial information. This paper will contribute to the body of knowledge as there is scarcity of published data related to to corporate reporting disclosure in emerging economies as well as their responsiveness to country specific regulators Description: Book chapter URI: http://repository.daystar.ac.ke/xmlui/handle/123456789/4191 Files in this item: 1
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Muriithi, Samuel Muiruri; Louw, Lynette (Palgrave MacMillan, 2017)[more][less]
Abstract: The banking industry is a major driver of economic development for world economies. By offering different types of services, such as facilitating money transfers between countries and ensuring that savers and borrowers are brought together in well-organised structures, the industry determines countries’ economic development and long-term sustainability. Although critical to world economic stability, the last six decades have seen the industry experience severe financial challenges which have negatively affected economic performance of most countries. The main causes of financial crises have been non-performing loans, political interference, uncertain global financial trends and poor leadership. The Kenyan banking industry is considered the most mature, fastest-growing and largest in East Africa, thereby making it the regional financial leader. The industry has, however, been a victim of both global and domestic financial challenges. Between 1980 and 2000, the country’s financial industry was characterised by major financial upheavals that led to the collapse of many banks, while others were in and out of receivership. The crises were attributed to non-performing loans, weak internal control mechanisms, poor governance and poor leadership. Since the year 2000, the government has instituted tough measures to revive the industry, which have resulted in stability. As such, the industry has experienced positive and encouraging growth, contributing towards making the sector the financial hub of the East Africa region. Despite recent gains, however, the industry still faces challenges of corruption, inability to reach the majority of the rural population, fragmentation and ineffective leadership. This chapter explores the importance of enhancing and strengthening the banking internal control mechanisms and developing sustainability strategies, focusing on business practices and product development geared towards healthy economic, social and environmental activities. URI: http://repository.daystar.ac.ke/xmlui/handle/123456789/3657 Files in this item: 1