Digitalization of Financial Reporting

Abstract

Digitalized financial processes are redefining 21st-century business landscapes. One area that has undergone significant transformation is financial reporting, which involves the preparation and presentation of essential reports that enhance strategic decision making and regulatory compliance. Automation and data processing play a crucial role in this context by enhancing the efficiency, accuracy, and transparency of the reports generated. This chapter explores in detail how advances in these two areas of digitalization are revolutionizing financial reporting and then analyzes the relevant technologies and their benefits and challenges, as well as best practices for their implementation. Regulatory guidelines are also examined in terms of their implications and future trends in digital financial reporting.