skills-ws
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87 agent skills for AI coding assistants — marketing, growth, web3, dev, design & operations. Built for OpenClaw, Claude Code, Cursor, and Codex.
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Markdown
- 9. Accounting Standards
- IFRS vs Local GAAP
- Country-Specific Charts of Accounts
- Audit Requirements (Simplified)
## 9. Accounting Standards
### IFRS vs Local GAAP
*"IFRS mandatory" below = **IFRS as adopted by the EU**, required for the **consolidated** accounts of EU-listed companies (EU Regulation 1606/2002). For **statutory (individual-entity)** accounts, most member states require or prefer local GAAP; the right-hand columns show the unlisted/SME default and whether IFRS is permitted for statutory accounts.*
| Country | Listed (consolidated) | Unlisted / SME statutory | Local GAAP |
|---------|-----------------|---------------|-----------------|
| Austria | IFRS mandatory | Austrian GAAP (UGB); IFRS not for statutory | UGB (Unternehmensgesetzbuch) |
| Belgium | IFRS mandatory | Belgian GAAP; IFRS not for statutory | CBN/CNC standards |
| Bulgaria | IFRS mandatory | National Accounting Standards or IFRS | NAS |
| Croatia | IFRS mandatory | Croatian Financial Reporting Standards (HSFI) for SMEs | HSFI |
| Cyprus | IFRS mandatory | **IFRS for all companies** (Cyprus applies full IFRS broadly) | IFRS |
| Czech Republic | IFRS mandatory | Czech Accounting Standards; IFRS for statutory only if consolidating into IFRS group | České účetní standardy |
| Denmark | IFRS mandatory | Danish Financial Statements Act (årsregnskabsloven), class A–D | ÅRL |
| Estonia | IFRS mandatory | Estonian Financial Reporting Standard or IFRS | EFRS (based on IFRS for SMEs) |
| Finland | IFRS mandatory | Finnish Accounting Act (FAS); IFRS optional for statutory in cases | FAS / kirjanpitolaki |
| France | IFRS mandatory | French GAAP (PCG) required; IFRS not for statutory | PCG (Plan Comptable Général) |
| Germany | IFRS mandatory | German GAAP (HGB); IFRS optional only for consolidated | HGB (Handelsgesetzbuch) |
| Greece | IFRS mandatory | Greek GAAP (Law 4308/2014, ELP) or IFRS | Ελληνικά Λογιστικά Πρότυπα |
| Hungary | IFRS mandatory | Hungarian Act on Accounting; IFRS permitted/required for some statutory | Számviteli törvény |
| Ireland | IFRS mandatory | FRS 102 / FRS 105 or IFRS | FRS 102 / FRS 105 |
| Italy | IFRS mandatory | Italian GAAP (OIC) or IFRS | OIC (Organismo Italiano di Contabilità) |
| Latvia | IFRS mandatory | Latvian Law on Accounting / Annual Accounts | Latvian GAAP |
| Lithuania | IFRS mandatory | Lithuanian Business Accounting Standards or IFRS | VAS / BAS |
| Luxembourg | IFRS mandatory | Lux GAAP (EU-Directive based) or IFRS (option) | Lux GAAP |
| Malta | IFRS mandatory | IFRS or **GAPSME** (for qualifying small/medium) | GAPSME |
| Netherlands | IFRS mandatory | Dutch GAAP (RJ) or IFRS | RJ (Raad voor de Jaarverslaggeving) |
| Poland | IFRS mandatory | Polish Accounting Act or IFRS | Ustawa o Rachunkowości |
| Portugal | IFRS mandatory | SNC (Sistema de Normalização Contabilística) | SNC |
| Romania | IFRS mandatory | Romanian Accounting Regulations (OMFP 1802); IFRS for credit institutions | RAS |
| Slovakia | IFRS mandatory | Slovak Accounting Act; IFRS required for large/specific entities | Slovak GAAP |
| Slovenia | IFRS mandatory | Slovenian Accounting Standards (SRS) or IFRS | SRS |
| Spain | IFRS mandatory | Spanish GAAP (PGC) required; IFRS not for statutory | PGC (Plan General de Contabilidad) |
| Sweden | IFRS mandatory | Swedish GAAP, K2 (small) / K3 (larger) framework | K2 / K3 (BFNAR) |
**Key rule**: IFRS-as-adopted-by-EU is mandatory for consolidated accounts of EU-listed companies. For statutory accounts, France/Germany/Spain/Austria notably **do not** permit IFRS; Cyprus uses IFRS broadly. EU sustainability reporting (CSRD/ESRS) layers on top for larger entities — scope and timing were being re-phased ("Omnibus") in 2025–2026; verify applicability at [EFRAG](https://www.efrag.org/).
| Country | Chart of Accounts | Structure |
|---------|------------------|-----------|
| France | PCG (Plan Comptable Général) | Mandatory standardized chart. Class 1-5: Balance sheet. Class 6-7: P&L. 7-digit account codes. |
| Germany | SKR03 or SKR04 | Industry standard (not legally mandatory). SKR03: process-oriented. SKR04: function-oriented. 4-digit accounts. |
| Belgium | MAR (Minimum Algemeen Rekeningenstelsel) | Mandatory minimum chart. Similar structure to French PCG. |
| Spain | PGC (Plan General de Contabilidad) | Mandatory. 9 groups. Similar to French system. |
| Netherlands | No mandatory chart | Companies use own structure. RGS (Referentie Grootboekschema) available as optional standard. |
| Italy | No mandatory chart | OIC provides recommended structure. Most follow convention based on Civil Code Art. 2424-2425. |
| Luxembourg | No mandatory chart (adapting) | Typically follows a structure similar to Belgian/French charts. eCDF (electronic filing) requires standard mapping. |
### Audit Requirements (Simplified)
Statutory audit is generally required when a company exceeds **2 of 3** size criteria. The EU **raised the monetary thresholds by ~25% via Delegated Directive (EU) 2023/2775** (applicable to financial years from Jan 1, 2024, with optional earlier adoption), to offset inflation. Post-increase "medium-sized / audit" thresholds (member states transpose with variation, and may set audit triggers below these):
- **Balance sheet total**: ≈ €5.0M (small-company ceiling) / ≈ €25M (medium ceiling)
- **Net turnover**: ≈ €10.0M (small ceiling) / ≈ €50M (medium ceiling)
- **Average employees**: 50 (small) / 250 (medium)
A company exceeding the *small-company* ceilings on 2 of 3 criteria typically loses the audit/filing exemptions. **Several countries set their own, often lower, mandatory-audit triggers** (e.g. some require audit well below the EU small-company ceiling, or based on entity type). Micro-entities below all micro-ceilings get the lightest regime. **Always confirm the transposed national thresholds and any entity-type rule** with the local register/regulator before assuming an exemption.
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