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Abstract:
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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 |