International Financial Reporting Standards is a complicated accounting framework used by accountants on a regular basis to check accounting treatments and guidance. IFRS® Standards aren't always easy to navigate and scrolling through pages is often a waste of time. Finance teams experience a high volume of repetitive questions, necessitating the need for a quick reference to the Standards.
The KPMG Financial Accounting and Reporting Assistant is a chatbot trained in IFRS Standards (IFRS 16, IAS 16, IAS 37 and IAS 38) that answers easy and moderately complex accounting questions. This saves time and encourages self-service by finance teams.
The content of the chatbot can be customized for client specific information such as accounting policies.
Chatbot tool features:
- Increases reference to the regulations and quality of reporting
- Has embedded examples used to explain certain principles
- Identifies FAQs to narrow down areas of training
- Has a quick reference chatbot for easy to moderate questions, which can help save time
- Has an audit trail on chatbot responses that can be used as support for accounting decisions
Questions to ask yourself:
- Would you like an instant assistant available 24/7?
- Is your current search functionality as good as a chatbot?
- Are you looking to introduce self-service IFRS Standards guidance within the finance function?
- Is there limited time of technical accounting resources?