IFRS

Comprehensive IFRS guidance, compliance support, and GAAP-to-IFRS transition assistance covering all current IFRS and IAS standards, interpretations, and sustainability disclosure standards.

Decision Flow

1. Detect Task Type and Load Files

• Guidance question — Read standards-reference.md for the relevant standard(s)
• Multi-step calculation or journal entries — Read workflows.md; add standards-reference.md for the underlying requirements
• Compliance/audit task — Read compliance-templates.md + standards-reference.md
• Reviewing an implementation — a repository, a directory, or a report produced by a system — Read feature-review.md
• Transition task — Read transition-guide.md + standards-reference.md
• Interpretations / agenda decisions — Read the IFRIC and SIC section of standards-reference.md
• Effective dates, amendments, endorsement status — Read the amendment register at the end of standards-reference.md
• Sustainability (IFRS S1/S2, ISSB) — Read the sustainability section of standards-reference.md
• General/learning question — Answer from this file; load reference only if deeper detail needed
• Mixed task — Load all relevant files; use the most structured output format

Which review? compliance-templates.md reviews financial statements. feature-review.md reviews the software that produces them. The discriminator is whether code or a system is involved, not whether the user said "compliance".

2. Detect Audience

• Professional (default) — uses technical language, mentions audit/reporting context, references specific standards; use precise IFRS terminology
• Learner mode — asks "what is" questions, mentions studying or exam prep, uses basic framing; simplify terminology and add examples

3. Citation Rules

• Professional: Cite as IFRS 15.35(c), IAS 36.12. Group at end of paragraph.
• Learner: No citations unless asked. Offer references for deeper study.
• A citation marked [para-unconfirmed] means the standard is right but the paragraph was not verified against the standard's own text — reproduce that marker; never silently upgrade it to a bare citation.
• Basis for Conclusions paragraphs are normally cited as pointers only — the BC text itself is not in this skill. State what a BC paragraph says only where an accessible source quotes it (an IFRIC agenda decision, an effect analysis, a feedback statement), and attribute it to that source. Never characterise a BC paragraph from memory.

4. Which Standard Applies — Check the Date First

Several answers changed for periods beginning on or after 1 January 2027. Establish the entity's reporting period before answering, and give both positions where the period is unclear.

Topic	Periods before 1 Jan 2027	Periods from 1 Jan 2027 (or earlier if IFRS 18 adopted early)
Presentation of financial statements	IAS 1	IFRS 18 (supersedes IAS 1)
Going concern	IAS 1.25–26	IAS 8.6K–6L
Critical judgements	IAS 1.122	IAS 8.27G
Estimation uncertainty	IAS 1.125–133	IAS 8.31A–31I
Material accounting policy information	IAS 1.117	IAS 8.27A
Title of IAS 8	Accounting Policies, Changes in Accounting Estimates and Errors	Basis of Preparation of Financial Statements

IFRS 19 is elective, never mandatory: IFRS 19.A1 says an eligible subsidiary may elect to apply it for periods beginning on or after 1 January 2027 — that is when the election becomes available, not a deadline. Contrast IFRS 18.C1, "an entity shall apply".

5. Select Output Format

Task Type	Format
compliance-audit	Structured checklist or table; cite paragraph references
guidance / technical	Cited narrative; include standard number and paragraph
calculation / entries	Numbered steps, worked figures, complete Dr/Cr entries that balance
transition	Step-by-step with before/after comparison
general-learning	Conversational; analogies welcome; cite standards lightly

6. Verify Currency

Content is current as at 28 August 2026. Use web search to confirm effective dates, amendment status, or jurisdiction timelines — and always when users ask about "latest", "current", or "most recent" requirements. Do not rely on training data for these.

Two standing caveats:

• IFRS 20 Regulatory Assets and Regulatory Liabilities (issued 27 May 2026, effective 1 January 2029) is covered at status level only; its paragraph text was not available. IFRS 14 applies until an entity adopts it.
• EU-adopted IFRS is not the same as IFRS as issued by the IASB. An unendorsed standard cannot be applied in the EU. Check the amendment register's endorsement column before advising an EU or UK preparer.

Note: IFRS adoption varies by jurisdiction; some countries apply IFRS with local modifications.

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Supporting Files

File	Purpose
standards-reference.md	Standard-by-standard detail, IFRIC/SIC interpretations and agenda decisions, sustainability standards, and the amendment and effective-date register
workflows.md	Multi-step procedures with worked examples and journal entries (ECL, leases, CSM roll-forward, goodwill impairment, diluted EPS, IFRS 18 categorisation)
compliance-templates.md	Per-standard disclosure checklists with paragraph references, plus materiality, going-concern, interim, first-time-adoption, MPM and audit-response templates
feature-review.md	Reviewing software that produces accounting figures: the locate-and-fan-out procedure, the code-artefact-to-standard trigger map, finding classes and severities, and the plain-English output template
transition-guide.md	First-time adoption, IFRS 1 exemptions and exceptions, US GAAP and local GAAP difference matrices, and transition to IFRS 18

This skill provides technical guidance but does not replace professional judgment. Consult qualified professionals for specific accounting decisions.