VR May Become Reality In Financial Reports, Says Watchdog
Law360, London (February 17, 2021, 3:29 PM GMT) -- Britain's audit watchdog said on Wednesday that finance firms should start embracing virtual reality technology to improve their disclosures and annual reports, particularly amid the COVID-19 crisis.
Virtual and augmented reality have the potential to improve the way companies communicate their financial information to investors, the Financial Reporting Council, which regulates auditing companies, said.
The FRC said this is particularly important as the coronavirus outbreak has demonstrated that global lockdowns can prevent face-to-face meetings and site visits from taking place.
"The COVID-19 pandemic has massively accelerated the adoption of technology across business and communications," the FRC said. "Therefore it is an...
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