AI makes far fewer mistakes reading company filings when the information is provided in XBRL — a wonky reporting format that may suddenly look a lot more valuable.
A recent academic study found artificial intelligence is far better at pulling numbers from annual reports when filing data is provided in XBRL, a structured digital format, rather than plain text or HTML — a finding that could give fresh ammunition to supporters of stricter structured-data reporting.
Researchers who reviewed 5,000 annual reports from 2014 through 2023 found AI’s overall error rate fell to 9.19% when it worked from XBRL context, compared with 15.75% for HTML and 18.24% for plain text.
To dig deeper, visit the original article on the Thomson Reuters blog.