Major Challenges in Accounting and Financial Reporting

Abstract

Accounting and financial reporting play an important role in any management and decision-making process of a company. Nevertheless, today’s companies encounter various obstacles when working on their financial reports. They include complicated legal regulations, fast-paced technology changes, problems related to ethics and fraud, as well as the need for real-time financial information. Such challenges may impact the accuracy of the financial statements, the reliability of investor decisions, and the performance of the company in general. The current research investigates the main obstacles that exist in the field of accounting, identifying the reasons for their appearance, their consequences, and potential ways to address them.