Artificial intelligence in accounting: GAAP's “FAS133”

Artificial intelligence (AI) is the necessary element to ensure that the most complex modern accounting rules are implemented correctly. This is particularly true when accounting interacts with increasingly sophisticated capital markets activities. The last 20 years' of accounting rulemaking an...

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Bibliographic Details
Published in:The Journal of corporate accounting & finance 2020-07, Vol.31 (3), p.185-189
Main Author: Le Guyader, Louis P.
Format: Article
Language:English
Subjects:
accounting
Accounting systems
Artificial intelligence
derivatives
GAAP
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Summary:Artificial intelligence (AI) is the necessary element to ensure that the most complex modern accounting rules are implemented correctly. This is particularly true when accounting interacts with increasingly sophisticated capital markets activities. The last 20 years' of accounting rulemaking and the dictates of regulators have ensured a need for AI. With user‐friendly AI solutions, reporting entities will not shy away from business practices because they fear they cannot account for them correctly. AI will remain an opportunity and challenge to the accounting profession.
ISSN:1044-8136
1097-0053
DOI:10.1002/jcaf.22407