A Scoping Review of ChatGPT Research in Accounting and Finance

TL;DR

This review summarizes recent research on ChatGPT and LLMs in accounting and finance, highlighting applications, research tools, and professional implications, while identifying gaps and future research opportunities.

Contribution

It categorizes current themes in ChatGPT research within accounting and finance and offers technical guidance for future studies.

Findings

Identified three main research themes: applications, research tools, and professional implications.

Highlighted gaps and unanswered questions in current ChatGPT research.

Provided technical guidance for employing LLMs in future accounting and finance research.

Abstract

This paper provides a review of recent publications and working papers on ChatGPT and related Large Language Models (LLMs) in accounting and finance. The aim is to understand the current state of research in these two areas and identify potential research opportunities for future inquiry. We identify three common themes from these earlier studies. The first theme focuses on applications of ChatGPT and LLMs in various fields of accounting and finance. The second theme utilizes ChatGPT and LLMs as a new research tool by leveraging their capabilities such as classification, summarization, and text generation. The third theme investigates implications of LLM adoption for accounting and finance professionals, as well as for various organizations and sectors. While these earlier studies provide valuable insights, they leave many important questions unanswered or partially addressed. We propose venues for further exploration and provide technical guidance for researchers seeking to employ ChatGPT and related LLMs as a tool for their research.