It’s been said that artificial intelligence – AI – replaces the need for structured data, but we believe that idea could not be further from the truth. It is certainly possible to skip digital tagging and use AI to get answers out of unstructured data, but they are often not very good answers.
Deep learning models, often the bedrock of machine learning and artificial intelligence, are playing an increasingly large role in financial analysis. These models, while powerful, lack transparency – often known as ‘black boxes’ due to the opacity of their algorithms.
US Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda recently addressed the 2023 NASAA Fall Annual Meeting, emphasising the role of innovation and technology in modernising investor protection.
In the era of artificial intelligence (AI), there is a growing interest in the use of AI models like ChatGPT to enhance financial reporting processes. However, it is crucial to recognise the importance of structured, machine-readable data in training AI models effectively.
At the recent Innovate Finance Global Summit, Jessica Rusu, Chief Data, Information, and Intelligence Officer of the UK’s Financial Conduct Authority (FCA), delivered a speech highlighting the importance of innovation, AI, and data-driven regulation in the future of finance.
With new generative AI systems and applications being released, announced or demonstrated daily, it is hardly surprising that this new breed of tools is also catching the eye of regulators and law makers around the world.
This week saw FASB Chair Rich Jones sit down with XBRL International Chair Wes Bricker at a FASB Webinar on Digital Reporting. Diving into data quality, Inline XBRL assurance, and the impact of AI on both digital reporting and the accounting profession, this was a wide ranging discussion.
The UK Financial Reporting Council’s Lab – designed as a workshop space for investors and companies to work together on solutions for reporting needs – has published its latest insight into emerging artificial intelligence in reporting.
The Bank of England is undertaking research into voluntary climate-related disclosures of UK financial institutions via machine learning. The research aims to understand asymmetries between firms and investors, look at how disclosure practices differ across firms, and to shed light on the decision of whether to make climate-related reporting mandatory.
The US Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB) are looking into the ways in which investors are using artificial intelligence (AI) to consume and analyse financial data.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
