UK probes AIs impact on corporate reporting as structured data unlocks new, AI powered insight
The Financial Reporting Council (FRC) has tapped Lancaster University to lead a new deep-dive into how artificial intelligence is transforming corporate reporting. Launched last week, the project will explore how technologies like machine learning, automation and generative AI are being used to compile, analyse, and communicate financial and sustainability disclosures.
We’re pleased to see that featuring front and centre of this project is an interest in exploring how this digital evolution relies on structured data – XBRL, in particular. As more reports go digital, there’s more structured data to feed large language models, and the impact of AI in reporting grows. But the FRC wants evidence: which tools are firms actually using? What governance is in place? How does XBRL fit into this rapidly shifting landscape?
The research team will run interviews and surveys across Public Interest Entities and report-preparing teams. Backed by ACCA, ICAEW, ICAS, and the Investor Relations Society, the study aims to build a grounded picture of AI’s promise and pitfalls in the real reporting world.
Our view? Automation is only as effective as the structure it operates on, and without quality tagging, smart tools can’t deliver smart insights.
Find out more here.
