Jaishu Anon
The focus of the study is to identify the perception of stakeholders regarding the challenges in the adoption of fintech innovations in financial reporting. Data has been collected from both primary and secondary sources. Primary data has been collected through a survey from different stakeholders with the help of a structured questionnaire. A sample of 200 stakeholders were selected as per convenient sampling method for this study. While selecting a respondent, due importance was given to work experience. The response of the respondents was rated by using five-point Likert scales. Proportional test and factor analysis has been used to analyses the data. To this study following hypothesis were constructed and put to test, such that H0, FinTech adoption have a significant impact on financial reporting practices. Since the calculated value, 9.62 is greater than critical value 1.645, we reject null hypothesis and the alternative hypothesis is accepted. The analysis reveals the fact that FinTech adoption have a significant impact in financial reporting practices, and the further analysis identified the challenges in the adoption of Fintech innovation and its impact on the quality of financial reporting. Based on the analysis and findings the study put forward some suggestions that can be adopted by organizations while choosing the right fintech innovations that really required for their organization and which are financially affordable, add value to their organizations, enhance accuracy, reliability, timeliness, and transparency of financial reporting, thereby strengthening stakeholder confidence.