I tested ChatGPT's ability to perform a basic accounting consolidation. Despite confident promises and reasonable initial questions, the AI failed to eliminate subsidiary equity and investment accounts - fundamental consolidation requirements.

This post explores how ChatGPT and a specialized accounting agent handle increasingly complex US GAAP questions—from basic revenue recognition to nuanced bill-and-hold scenarios—highlighting differences in accuracy, source interpretation, and the importance of "trust but verify" when using AI in financial analysis.