INNOVATION IN ACCOUNTING AND FINANCIAL PROCESSES: IMPERATIVES FOR COVID-19 PANDEMIC NEW NORMAL

INNOVATION IN
ACCOUNTING AND FINANCIAL
PROCESSES: IMPERATIVES FOR
COVID-19 PANDEMIC NEW
NORMAL
ADEYEMI, A. Adekunle
Department of Accounting
Olabisi Onabanjo University Ago-
Iwoye. Nigeria.
kunleadeyemi01@gmail.com&
ALIYU, A. Almustapha PhD
Department of Accounting and Finance
Usmanu Danfodiyo University Sokoto,
Nigeria.
mustaphaa101@gmail.com
&
BAKARE, O. Taophic
Department of Accounting and Finance
Usmanu Danfodiyo University Sokoto,
Nigeria.
abubackrie@gmail.com
ABSTRACT
Growth of the economy is not an option but
the only option. Thus innovation becomes
unavoidable for both regulators and
practitioners of accounting and financial
services to cope with emerging new normal
Accounting and Finance Research Association
foisted on the global space by Covid-19
pandemic.
Innovation
is
generally
understood as the introduction of a new
thing or method and is the embodiment,
combination or synthesis of knowledge in
original, relevant, valued new products,
processes or services. Innovation may not be
in conformity with accounting and financial
regulation where the practitioner is
permitted only minimal discretionary
intervention. Recent realities of the
pandemic have revealed the need for
relaxation of rigid regulation in order to keep
the wheel of economic progress in motion.
The study is a review of extant innovative
reforms in accounting and finance that have
been domesticated in regulatory framework.
It further explores and documents
discretionary or innovative reforms which
sudden and unanticipated, circumstances
such as Covid-19 may necessitate and
concludes that policy maker should establish
a proper structure for reviewing such
innovations. It also proposes an active
surveillance and monitoring of such
innovative accounting and financial reporting
system with particular focus on identified red
flag developments that have been linked to
problems in the past.
Keywords:
Innovation,
Financial
Management, Covid-19 Pandemic, Economic
Development

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