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Infographic AI
How AI might influence corporate reporting production, distribution and consumption in the next 40 years
This diagram illustrates a timeline of potential AI impacts on corporate reporting from the present ("Now") to the far future ("Beyond 2059").
Now
- AI and RPA are making some limited inroads into the finance function but these focus on automating parts of current processes.
- Investors are already using AI to analyse and source company specific data from inside and outside the company.
- By 2021 boards, internal and external audit could be using AI to help triangulate and challenge company information.
Early Future
- By 2022 fully automated AI investment analysts could be writing large parts of investment research reports.
- By 2023 company finance processes might have made a step change. AI and structured data will be combined to make efficient and effective reporting processes.
2024
- By 2025 AI could be drafting key elements of an annual report and auto tagging the output.
2038
- By 2034 AI might write a whole annual report instantly at the demand of users.
- By 2044 structured accounting standards might lead to new standards being generated by AI.
Far Future
2048
- By 2048 the merger of AI and the concept of legal entity might see an AI avatar providing all company info in virtual reality.
2059
- By 2058 the move to digital only reporting means the last ever paper annual report is sent out to a shareholder.
Beyond
To find out more about the impact of AI on reporting read the full Lab report for free on our website.
www.frc.org.uk/lab [email protected] @FRCnews