TECHNOLOGY'S ROLE IN IFRS COMPLIANCE

This research review looks at how technology has been utilized in the achievement of compliance to International Financial Reporting Standards (IFRS). Previous research asserted that information systems helped in the initial stage of its implementation, while value has to be created from prior IS capabilities. New findings suggest that developed technologies such as cloud computing, analytics as well as artificial intelligence improve the characteristics and consolidations of IFRS. Other features of compliance monitoring applications, as well as the integration of standardized processes into compliance management systems, also enhance ongoing compliance with the altered IFRS requirements on the continuous basis. The review is able to establish that technology has taken charge in the internal and external reporting activities. Strong IT controls and centralized platforms lead to high quality financial data which is required for high quality financial reports. Interactive data and analytics when applied to filings in XBRL add value to the regulatory monitoring efforts. The nature of the relationship between and among business organizations entails integration of business, fall-out and potentialities of becoming a mature technology, mechanisms evident in the relevant governance structures to counter act the attained and or potential challenges of integration and benefits harvesting. However, the research observes that there is still room for further improvements in certain relations, especially in the contexts that recover dynamics across nations and between small and large firms. Since technology is constantly advancing, the impact of this on accounting and auditing must be addressed continually. Areas to be considered for future research are sustainability reporting through smart contracts, AI integration in the audit process and/work and use of virtual and augmented reality. Inclusive, the quest of undertaking the following research questions unveils that technology has a central position to play, which will further on continue to transform the IFRS compliance across the globe in the future.