FRC research on the adoption and impact of AI technologies in corporate reporting across UK Public Interest Entities
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The Financial Reporting Council (FRC) has commissioned Lancaster University to conduct independent research into the real-world adoption and impact of AI technologies in corporate reporting across UK Public Interest Entities (PIEs). This research will contribute to the FRC’s evidence base, informing its regulatory practice and policy.
The research team, comprising Prof. Steven Young, Dr Mahmoud Gad, Dr Dasha Smirnow, Prof. Ken Lee, and Dr Yasmine Chahed, brings extensive experience in public and private sector research collaborations, as well as expertise in corporate reporting, corporate governance, and the application of AI technologies.
The project is supported by relevant professional bodies, including the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), the Investor Relations Society (IR Society) and the Chartered Governance Institute UK and Ireland. These project partners are helping the research team by facilitating access to participants and sharing sector expertise.
To capture the real-life experience of UK PIEs, the research team will conduct in-depth interviews with relevant teams and individuals who are involved in the oversight and day-to-day production of annual reports and accounts, sustainability reporting, and other investor communication. These will be followed by an online survey to establish the current baseline across a representative sample of UK PIEs.
Survey
The online survey is now live. The fully anonymous survey seeks insight into the adoption, benefits, and barriers to emerging technology, including Generative AI (GenAI), in the production of external corporate reports (including digital tagging) by UK PIEs.
We are interested in the availability and access to corporate reporting technology in your organisation and your experience with using technologies such as AI, and the barriers and concerns that may limit use.
If you have been involved in the preparation of corporate reporting in the past 12 months, then we would like to hear from you, regardless of whether these technologies are used or not.
Form
The anonymous survey should take between 12-15 minutes to complete:
What we mean by:
- GenAI : AI tools using Large Language Models (LLMs) such as Copilot and ChatGPT.
- Emerging technologies: Other AI, machine learning, robotic process automation, natural language processing and other advanced technologies used in the corporate reporting.
- Corporate reporting: Financial statements, sustainability/ESG reporting, and narrative reporting included in the annual report, including tagging for digital reporting.
- UK PIE: Public Interest Entity as defined under the Companies Act 2006, including UK-listed companies, credit institutions, and insurance undertakings.
If you have any questions about this project, in the first instance please contact the research team at:
If, for any reason, you would like to contact the FRC about the project please email us at:
Notice
Any information that could identify individual participants or their organisations will remain confidential to the Lancaster team and will be fully anonymised in all reporting to the FRC.