X Ltd., a large multinational corporation, needs to prepare its financial statements according to Ind AS. The company has a vast amount of financial…

CA Final · Financial Reporting · MTP · May 2024
X Ltd., a large multinational corporation, needs to prepare its financial statements according to Ind AS. The company has a vast amount of financial data stored in the system in various formats, including spreadsheets, PDFs, and scanned documents. Manually extracting and analysing this data is time consuming and error prone. By implementing AI-driven optical character recognition (OCR) technology, the company automates the data extraction process from diverse sources and converts it into structured formats. Which of the following problems will not be avoided by implementing AI?
(A) Manually extraction of data will lead to delay in the process.
(B) Analysing the data manually might be error prone
(C) Scanned documents of several years will acquire unnecessary office space.
(D) All of the above

Suggested Answer and Working Notes:

Correct Answer: Option (C)

Scanned documents of several years will acquire unnecessary office space.

Topics: Ind AS 110

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