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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
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    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. repec:eme:aaaj00:aaaj-09-2020-4934 is not listed on IDEAS
    3. 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.
    4. 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.
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