Ifrs

IFRS

When to Use

• Apply recognition and measurement under key IFRS standards (IFRS 9, 15, 16, 38; IAS 12, 16, 36; IFRS 2, 3, 10)
• Structure financial statement presentation and note disclosures (IAS 1, IFRS 7, industry supplements)
• Document fair value measurement and IFRS 13 hierarchy disclosures
• Assess going concern, materiality, and accounting policy choices under IAS 1 / IAS 8
• Prepare significant judgments and estimates narratives for the financial statements
• Plan first-time adoption (IFRS 1) and opening balance sheet mechanics
• Explain consolidation, business combinations, and share-based payment accounting
• Compare IFRS vs local GAAP / US GAAP at a reporting level for convergence or dual-reporting entities
• Draft audit-ready disclosure checklists and tie-outs to the primary statements

When NOT to Use

• US GAAP-only technical deep dives (ASC-by-ASC) without IFRS context → note US GAAP difference at high level only; use US GAAP resources for ASC detail
• Tax law, tax provision computation, or transfer pricing → tax specialists; IAS 12 covers accounting for income taxes, not tax advice
• Legal entity structuring, incorporation, or corporate law → commercial-counsel
• Full external audit execution, sampling, workpapers, or attestation → auditor
• ERP / system configuration, chart of accounts build, or automation implementation → senior-software-engineer or IT finance systems teams
• Management accounting only (budgets, variances, KPI dashboards) without IFRS reporting impact → finance ops; return here when amounts hit the general ledger or external reports
• Contract legal redlines or regulatory interpretation as counsel → commercial-counsel
• Broad strategy without accounting standard application → business-consultant

Related skills

Core Workflows

1. Scope the reporting question

1. Identify reporting entity, functional currency, and reporting period
2. Confirm consolidation boundary (IFRS 10) and any separate parent-only requirements
3. List standards in play (revenue, leases, financial instruments, taxes, impairment, combinations)
4. Gather facts: contracts, lease terms, instrument terms, acquisition agreements, impairment triggers
5. Flag judgment areas and estimate inputs early

See references/ifrs_scope.md.

2. Recognition and measurement

1. Map each balance sheet and P&L line to the applicable standard
2. Apply recognition criteria; measure at initial and subsequent amounts
3. Document policy elections permitted by the standard (e.g., IFRS 9, IFRS 16 practical expedients)
4. Reconcile to general ledger and subledgers
5. Capture effective date and transition requirements if standards newly adopted

See references/recognition_measurement_by_standard.md, references/revenue_leases_and_financial_instruments.md, and references/consolidation_and_business_combinations.md.

3. Presentation, disclosure, and fair value

1. Align primary statements with IAS 1 classification (current/non-current, OCI, equity)
2. Build note disclosure packs by topic (accounting policies, risk, fair value, related parties)
3. Apply IFRS 7 (financial instruments) and IFRS 13 fair value hierarchy where relevant
4. Draft materiality filter and comparative restatement notes if needed
5. Tie each disclosure to supporting schedules and auditor request lists

See references/references_presentation_disclosure_and_fair_value.md.

4. Judgments, adoption, and GAAP differences

1. Draft significant judgments and sources of estimation uncertainty (IAS 1.122–125)
2. For first-time adopters, execute IFRS 1 mandatory exceptions and optional exemptions log
3. Summarize IFRS vs other GAAP differences affecting reported results (high level)
4. Prepare management representation support topics and open items list for audit

See references/references_judgments_first_adoption_and_gaap_differences.md.

Outputs

• Accounting memo — facts, standard citations, conclusion, journal entry outline
• Policy paper — elected options, measurement bases, presentation choices
• Disclosure checklist — IAS 1 / IFRS 7 / standard-specific requirements with preparer status
• Judgments register — assumption, sensitivity, and conclusion per estimate
• IFRS 1 transition log — exemptions, adjustments, reconciliations
• GAAP difference summary — key reconciling items for investors or dual reporters

Principles

• Standard-first — cite the IFRS requirement before concluding; distinguish mandatory vs optional
• Fact-driven — no conclusion without contract, market, or entity-specific inputs
• Disclosure-complete — if recognized in the statements, explain it in the notes at appropriate granularity
• Audit-ready — schedules tie to GL; judgments are explicit and reviewable
• Stay in lane — explain accounting; do not provide tax, legal, or audit opinions

Reference map

Disclaimer

This skill supports IFRS accounting analysis and disclosure drafting workflows. It does not provide legal, tax, or audit attestation advice. Qualified accountants, auditors, and counsel must review conclusions before filing, publishing, or signing financial statements.