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gaap-ifrs-compliance-checker skill

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This skill verifies financial statements for GAAP and IFRS compliance, mapping codification references and highlighting gaps with actionable remediation

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---
name: gaap-ifrs-compliance-checker
description: Automated compliance validation skill for GAAP and IFRS accounting standards with codification references
allowed-tools:
  - Read
  - Write
  - Glob
  - Grep
  - Bash
metadata:
  specialization: finance-accounting
  domain: business
  category: accounting-compliance
  priority: high
---

# GAAP/IFRS Compliance Checker

## Overview

The GAAP/IFRS Compliance Checker skill provides automated validation of financial reporting against US GAAP and IFRS accounting standards. It ensures consistency with codification requirements and identifies potential compliance gaps.

## Capabilities

### ASC Topic Validation
- Codification topic mapping
- Subtopic requirement checking
- Section-level guidance review
- Implementation guidance application
- Transition provision verification
- Pending standard consideration

### IFRS Standard Compliance
- IAS/IFRS standard identification
- Standard requirement mapping
- Interpretations (IFRIC/SIC) consideration
- IFRS for SMEs applicability
- Endorsement status tracking
- Convergence area analysis

### Disclosure Requirement Verification
- Required disclosure checklist
- Encouraged disclosure identification
- Comparative period requirements
- Quantitative threshold checking
- Qualitative factor assessment
- Materiality consideration

### Policy Consistency Analysis
- Year-over-year policy comparison
- Policy change identification
- Change in estimate detection
- Error correction classification
- Retrospective application needs
- Prospective treatment validation

### Footnote Completeness Checking
- Significant accounting policy review
- Critical estimate disclosure
- Related party identification
- Contingency disclosure assessment
- Subsequent event coverage
- Segment reporting requirements

### SEC Regulation Compliance
- Regulation S-X requirements
- Regulation S-K compliance
- Form-specific requirements
- SAB guidance consideration
- C&DI interpretation application
- Comment letter history review

## Usage

### Financial Statement Review
```
Input: Draft financial statements, footnotes, accounting policies
Process: Validate against applicable standards and regulations
Output: Compliance checklist with gaps, references, remediation guidance
```

### Policy Change Assessment
```
Input: Proposed policy change, current policy, new standard requirements
Process: Evaluate compliance impact, transition requirements
Output: Implementation guidance, disclosure requirements, timeline
```

## Integration

### Used By Processes
- Financial Statement Preparation
- Revenue Recognition and ASC 606 Compliance
- Lease Accounting and ASC 842 Implementation

### Tools and Libraries
- FASB ASC database
- IFRS taxonomy
- SEC EDGAR
- Compliance tracking platforms

## Best Practices

1. Maintain current mapping of standards to company transactions
2. Track pending standards with effective dates
3. Document policy elections and rationale
4. Build checklist tailored to company circumstances
5. Update for new SEC guidance and interpretations
6. Coordinate with external auditors on technical positions

Overview

This skill automates validation of financial reports against US GAAP and IFRS, mapping disclosures to codification and standard references. It flags compliance gaps, identifies required disclosures, and provides remediation guidance tied to specific ASC and IAS/IFRS sections. The tool is designed to accelerate reviews and improve consistency across financial statements and footnotes.

How this skill works

The checker ingests draft financial statements, footnotes, and accounting policies, then maps transactions and disclosures to relevant ASC topics and IAS/IFRS standards. It verifies section- and subtopic-level requirements, evaluates policy consistency year-over-year, and cross-references SEC rules where applicable. Outputs include a prioritized compliance checklist, citation-backed findings, and suggested remediation steps with implementation notes.

When to use it

Before issuing financial statements or SEC filings to catch disclosure and presentation gaps
When assessing the impact of a proposed accounting policy change or new standard
During audit preparation to align management’s positions with codification and interpretations
For periodic compliance monitoring of recurring disclosures and threshold assessments

Best practices

Keep standard mappings and effective dates current to capture pending and adopted guidance
Document policy elections, rationale, and transition methods for audit transparency
Tailor disclosure checklists to the entity’s significant transactions and materiality thresholds
Coordinate results with auditors and tax advisors for technical positions and remediation
Use comparative-period checks to identify retrospective application or error correction needs

Example use cases

Validate ASC 606 revenue disclosures and identify missing quantitative roll-forwards
Assess lease portfolios for ASC 842 recognition, classification, and related disclosures
Map consolidated statements to IFRS requirements including IFRIC interpretations
Prepare SEC Form 10-K/20-F checklists with Regulation S-X and S-K cross-references
Evaluate policy change impact and produce an implementation timeline with disclosure tasks

FAQ

Does the tool provide direct legal or audit opinions?

No. The skill provides technical validation, citations, and remediation suggestions but does not replace professional audit or legal judgment.

Which standards databases does it reference?

It cross-references the FASB ASC structure, IFRS standards and interpretations, and SEC rules and guidance for form-specific requirements.

Can it track pending standards and effective dates?

Yes. The skill flags pending standards, tracks effective dates, and highlights required transition and retrospective application considerations.