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Artificial intelligence in accounting: GAAP's “FAS133”
Author(s) -
Le Guyader Louis P.
Publication year - 2020
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22407
Subject(s) - accounting , rulemaking , accounting standard , business , accounting information system , financial accounting , political science , law
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.