The National Financial Reporting Authority (NFRA) and IIT Kanpur jointly organised a Hackathon, bringing together students to develop pioneering solutions using Large Language Models (LLM) and Generative AI. Held on 28th and 29th March 2025 at IIT Kanpur, the event aimed to simplify financial statements, making financial data more accessible and engaging for better decision-making.

Participants from engineering institutes across India tackled the challenge of transforming complex financial data into clear narratives using Generative AI. The hackathon fostered collaboration between academia, students, and regulators, with experts guiding students on advancing their innovative ideas.

The presentations showcased how GenAI could revolutionise financial statement analysis by simplifying intricate financial concepts, automating data extraction, and generating insightful narratives. As AI technology advances, its adoption in financial reporting is expected to enhance efficiency, accuracy, and informed decision-making.

Teams from VIT Vellore, MNNIT Allahabad, IIT Lucknow, and Rajiv Gandhi University of Knowledge Technologies, Nuzvid emerged as winners. The judging panel comprised experts from IIT Kanpur and NFRA. Notably, several winning teams opted to contribute their innovations to the open-source community, encouraging further development and wider accessibility. NFRA looks forward to future collaborations with the student community to drive innovation in financial reporting.