Published:10^th September, 2024

 

Exploring the Advancements, Challenges, and Implications of AI, ML-driven in Accounting Forecasting: A Review

 

 

UDEAGHA E. O
CHOJI D. N
ANYACHEBELU T. K
OLALERE M.
FATIMA ISIAKA

 

 

Abstract

 

This study delves into the integration of Artificial Intelligence (AI) and Machine Learning (ML) in Accounting forecasting, aiming to uncover the advancements, challenges, and broader implications for stakeholders in the financial markets. The methodology focuses on identifying empirical evidence that highlights the role of AI and ML technologies in enhancing the accuracy and efficiency of accounting predictions, while also considering the ethical and regulatory challenges posed by these advancements. Key findings indicate that AI and ML have significantly revolutionised financial forecasting, offering improved precision in market trend analysis and asset price predictions through innovations in deep learning, reinforcement learning, and hybrid models. The study concludes that while AI and ML present substantial opportunities for transforming accounting, forecasting, and
decision-making processes, addressing the associated challenges is crucial for their ethical and effective integration.

Keywords: Artificial Intelligence; Finance; Machine Learning; Accounting, Forecasting; Financial Sector