Navigating the Changing Landscape of Financial Reporting: Expert Warns Nigerian Accountants to Embrace Innovation
Finance management expert, Mr. Nick Agule, has issued a warning to accountants in Nigeria, urging them to be cautious of the rapid changes in financial reporting worldwide. Speaking at the 25th yearly conference of the Association of National Accountants of Nigeria (ANAN), Agule emphasized the importance of upskilling and adapting to new reporting technologies to avoid being left behind in the era of technological disruption.
The conference, which took place in Abuja and was attended both in person and virtually by participants from around the globe, focused on the theme of ‘Financial Management Innovations and Sustainable Growth’. Agule stressed the need for accountants to be proactive in embracing disruptive technologies, stating that they should be at the forefront of innovation rather than being reactive to changes.
Highlighting Nigeria’s potential as a largely untapped economy, Agule encouraged professionals in various fields to leverage opportunities for growth and societal improvement. In a session on ‘Application of Artificial Intelligence in Reporting’, accountant Egbita Bamidele debunked claims that AI would replace human intelligence, emphasizing the unique capabilities of human intuition and logical reasoning that cannot be replicated by machines.
In response to the discussions on innovation, ANAN issued a communiqué urging professionals to conduct SWOT analysis on technology-based reporting and incorporate strengths into their financial statement processing. The organization emphasized the importance of fostering a culture of innovation and creativity in financial management, stating that the finance function should evolve into a business partner that supports innovation initiatives within organizations.
As the landscape of financial reporting continues to evolve with technological advancements, the advice from experts like Agule and Bamidele serves as a timely reminder for accountants in Nigeria to stay ahead of the curve and embrace innovation in their practices.