Abstract: Artificial Intelligence (AI) has revolutionized various industries, and the field of accounting and financial reporting is no exception. As technology continues to advance at an unprecedented pace, it is crucial for professionals in this field to stay informed about the key issues surrounding the use of AI. This review aims to provide a comprehensive overview of the implications, benefits, and challenges associated with integrating AI into accounting and financial reporting processes. This research article provides a comprehensive review of the key issues surrounding the use of AI in accounting and financial reporting. The findings contribute to the ongoing discussion on the adoption of AI in accounting and provide insights for practitioners, policymakers, and researchers. Moreover, AI-powered algorithms can analyze vast amounts of financial data in real-time, enabling organizations to gain valuable insights into their financial performance. However, while there are undeniable benefits associated with AI adoption in accounting and financial reporting processes, there are also significant challenges that need to be addressed. There may be ethical considerations surrounding the use of AI in decision-making processes if biases or discriminatory practices are inadvertently embedded within algorithms. Furthermore, as organizations increasingly rely on AI systems for their accounting functions, there is a growing need for skilled professionals who possess both technical expertise in AI technologies as well as a deep understanding of accounting principles.

Keywords: artificial intelligence, accounting, financial reporting, robotics, cognitive computing JEL: M410 Accounting