FRC Lab Looking Forward Towards Representatives at its Digital Future Project
The Financial Reporting Council (FRC) has organized an event that aims to identify the impact that technology has over the corporate reporting system. The project is being carried out in summer and is expected to present its report in autumn. In order to make the event worthy for the professional individuals, the FRC is seeking the participation by the representatives of companies, investors, technology experts and financial analyst.
The project was originally initiated in 2016 in order to identify the impact that technology has on the production and consumption of financial reporting.
The project has resulted in the publication of a framework of characteristics that are essential for a system of digital reporting and a detailed analysis on whether XBRL is suitable for corporate reporting.
The project has also made an analysis on the potential problems that may occur during the corporate reporting process with the use of AI and has also made investigations on the role that artificial intelligence and similar technologies would play in the development and consumption of financial reporting data.
FRC is mainly looking forward to the individuals that have been interacting with artificial intelligence and similar technologies directly or indirectly whether through its use or through the investigation of its impact on financial reporting. Companies in the technology sector that are offering AI supported services and products in the use of corporate reporting and that are engaged in the provision of data in the AI sector are expected to take part in the project.
The project consists of an hour long individual interview following a roundtable for identifying the trends and topics which lasts approximately three hours.