FRC releases publication on AI and corporate reporting

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22 Jan, 2019

The Financial Reporting Lab (The Lab) has published the latest in its series of reports looking at how technology might impact the production, distribution and consumption of corporate reporting.

The report is the third in a series of reports by the Lab and follows its reports on XBRL and Blockchain.

The report, Artificial Intelligence – How does it measure up?, explains what artificial intelligence is, where its use might make sense in corporate reporting, and explores some of the possible and current use cases for the technology.
The report considers a range of uses of the technology in the production, distribution and consumption of corporate reporting.  These uses range from AI tools in the finance function, to investors’ use of AI to find investment relevant information.  It also highlights some of the key decisions and considerations that boards and others need to think about when using AI.

The report concludes that "it is not a question of will AI become important for corporate reporting, but when".  It also indicates that as AI develops, "it is important that all stakeholders understand how reporting empowered by AI needs to evolve to ensure that quality, trusted corporate reporting output is maintained and enhanced".

A press release and the full report are available on the FRC website.

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