FASB studying AI use in financial data analysis

March 13, 2023

Generative artificial intelligence (AI) has gained widespread attention in recent months amid the rapid spread among companies and consumers of OpenAI’s ChatGPT chatbot technology.

The conversational AI expands public access to sophisticated technology that mines mountains of data and provides insights in an easy-to-understand format.

FASB is studying the use of AI in capital allocation decisions as part of a broad effort to understand how investors process data, FASB Chair Richard Jones recently told the Financial Accounting Foundation trustees.

A key part of FASB’s investor outreach regarding the use of AI is “really understanding which data is the most important, how is it processed and when does it actually influence those capital allocation decisions,” Jones said. Learn more.

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