Global IFRS Desk
Global IFRS Desk
IFRS | US GAAP | UK GAAP | IPSAS
The Global IFRS Desk delivers independent technical accounting advisory across IFRS, US GAAP, UK GAAP and IPSAS, supporting organisations with complex accounting judgements, quantitative modelling, new standard implementations and audit-ready financial reporting and disclosure frameworks.
Implementation
End-to-end standard adoption, GAAP conversions
Transaction Support
On-call advisory · Position papers · Complex judgement
Quantitative Modelling
ECL · CECL · Leases · Valuation
Accounting Policy Design
Policy manuals · Disclosure and Financial reporting
Framework 01 · IFRS
IFRS: International Financial Reporting Standards
International Financial Reporting Standards (IFRS) apply in more than 144 jurisdictions. They form the primary financial reporting framework for listed entities worldwide. In particular, they dominate across Europe, Asia-Pacific, Africa and the Middle East.
However, IFRS is a principles-based framework. Therefore, it requires significant professional judgement in financial reporting. Key areas include financial instruments, revenue recognition, lease accounting, insurance contracts and consolidation. Moreover, IFRS continues to evolve. New standards, amendments and market developments regularly reshape financial reporting expectations. As a result, organisations that already apply IFRS must continuously refine their accounting policies, models and disclosures.
At the same time, entities preparing to adopt IFRS must understand its financial and operational impact. They must also assess the disclosure implications of implementation. Consequently, careful planning is essential to ensure a robust and sustainable transition. Shasat provides technical accounting advisory and IFRS implementation support across complex standards. These include IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers, IFRS 16 Leases and IFRS 17 Insurance Contracts.
Under IFRS 9, our expertise covers the classification and measurement of financial instruments. We develop and validate Expected Credit Loss (ECL) models for banks, insurers and corporates. We also design IFRS 9-compliant hedge accounting frameworks covering interest rate, foreign exchange and commodity price risks. Beyond IFRS 9, we advise on IFRS 3 Business Combinations, IFRS 10–12 Consolidation, IFRS 13 Fair Value Measurement and IAS 36 Impairment of Assets, supporting finance leaders with technical accounting analysis and audit-ready financial reporting.
How Shasat can help: Shasat’s Global IFRS Desk provides independent technical accounting advisory for complex IFRS transactions and financial reporting challenges. Our teams support IFRS implementation, complex accounting analysis and accounting policy design. We advise across IFRS 9, IFRS 15, IFRS 16, IFRS 17, IFRS 18 and IFRS 19, as well as the wider IFRS framework. Whether adopting IFRS, structuring complex transactions or responding to evolving standards, Shasat delivers rigorous and commercially grounded advice that withstands regulatory and audit scrutiny.
Framework 02 · US GAAP
US GAAP: FASB Accounting Standards Codification
US GAAP is required for SEC registrants and widely applied by US-domiciled entities and their international subsidiaries. The framework is codified within the FASB Accounting Standards Codification (ASC). Consequently, organisations reporting under US GAAP must navigate detailed guidance across multiple accounting topics. In practice, several standards create the greatest complexity for finance teams and auditors.
Revenue recognition under ASC 606 requires organisations to apply the five-step model and assess performance obligations, variable consideration and principal-versus-agent relationships. Similarly, ASC 842 Leases significantly affects balance sheets and financial metrics through the recognition of right-of-use assets and lease liabilities. ASC 326 Current Expected Credit Loss (CECL) introduces forward-looking credit loss modelling for financial assets. Furthermore, ASC 815 Derivatives and Hedging governs hedge accounting and risk management for interest rate, foreign exchange and commodity exposures. In addition, ASC 820 Fair Value Measurement establishes the framework for valuing financial instruments and other assets based on market participant assumptions.
Shasat advises organisations on the interpretation and implementation of these critical standards. Our teams support revenue recognition analysis and performance obligation assessments under ASC 606, lease accounting framework design and system implementation under ASC 842, CECL model development and validation under ASC 326, derivative and hedge accounting design under ASC 815, and fair value measurement frameworks under ASC 820. We also assist with IFRS to US GAAP reconciliations, accounting policy alignment and GAAP conversions for capital markets transactions. As the FASB continues to issue Accounting Standards Updates, including ASU 2023 07 on segment reporting, ASU 2023 09 on income tax disclosures, and the forthcoming Disaggregation of Income Statement Expenses (DISE) project, organisations must continuously monitor and respond to evolving US GAAP requirements.
How Shasat can help: Shasat provides independent US GAAP technical accounting advisory for complex transactions and financial reporting challenges. Our teams advise CFOs, finance leaders and audit committees on complex US GAAP judgements and implementation issues. We support areas including ASC 606 revenue recognition, ASC 842 leases, ASC 326 CECL and ASC 815 derivatives and hedging. Shasat also assists SEC registrants, dual-listed entities and US subsidiaries of global groups with technical papers, accounting policies and implementation frameworks designed to withstand regulatory and audit scrutiny.
Framework 03 · UK GAAP
UK GAAP: FRS 102, FRS 101 and FRS 105
UK GAAP is governed by the UK Financial Reporting Council (FRC). It applies to UK and Irish entities that are not required to report under IFRS. In practice, FRS 102 serves as the primary financial reporting standard for medium and large entities. Meanwhile, FRS 101 provides a reduced disclosure framework for qualifying subsidiaries within IFRS groups, while FRS 105 applies to micro-entities.
However, UK GAAP is undergoing significant change. The FRC triennial review of FRS 102, finalised in 2024 and effective for accounting periods beginning on or after 1 January 2026, introduces major updates aligned with IFRS developments. In particular, the revised standard introduces a new lease accounting model that recognises right-of-use assets and lease liabilities on the balance sheet, broadly aligning with IFRS 16. In addition, the revised framework introduces a five-step revenue recognition model, similar to IFRS 15, requiring organisations to analyse contracts and identify performance obligations.
These changes will significantly affect financial reporting across the UK and Ireland. Balance sheet leverage, EBITDA metrics and loan covenant calculations may change materially as right-of-use assets and lease liabilities are recognised for the first time. Furthermore, organisations must reassess revenue recognition policies, contract structures and disclosure frameworks to align with the new five-step model. For entities with December year-ends, comparative information for 2025 is required when presenting 2026 financial statements, meaning implementation must be substantially complete during 2025. Consequently, the urgency for robust planning and execution cannot be overstated.
How Shasat can help: Shasat’s Global IFRS Desk provides authoritative, implementation-focused UK GAAP advisory for finance teams navigating the 2026 FRS 102 transition. We deliver structured impact assessments that quantify the balance sheet, P&L and covenant effects of the new lease and revenue models, supported by detailed accounting policy updates, contract-level revenue analysis and lease liability financial models. Our teams prepare comparative financial data, draft technical disclosures and support finance directors and audit committees with clear, defensible accounting positions, ensuring your organisation meets the 2026 effective date with confidence, accuracy and full audit readiness.
Framework 04 · IPSAS
IPSAS: International Public Sector Accounting Standards
International Public Sector Accounting Standards (IPSAS) are issued by the International Public Sector Accounting Standards Board (IPSASB) for governments, central banks, development banks and international organisations. IPSAS are largely based on IFRS principles but are adapted for public sector transactions, including non exchange revenue, social benefits, concessionary loans and heritage assets. As a result, IPSAS adoption is widely recognised as a benchmark for fiscal transparency and high quality public sector financial reporting.
The IPSAS framework continues to evolve. Recent standards, particularly IPSAS 41 to IPSAS 50, are reshaping public sector financial reporting through enhanced measurement, transparency and disclosure requirements. Consequently, governments and public institutions must carefully assess the financial reporting and operational implications of these developments.
Several standards have particularly significant impact. IPSAS 41 Financial Instruments introduces classification, measurement and impairment requirements aligned broadly with IFRS 9, including Expected Credit Loss (ECL) modelling for government loan portfolios and concessionary lending programmes. The leasing standard, IPSAS 43, introduces a right of use accounting model requiring public sector entities to recognise lease liabilities and related assets across extensive property and infrastructure portfolios. Transfer expense guidance under IPSAS 48 establishes accounting requirements for government grants, subsidies and transfer payments. Similarly, IPSAS 49 strengthens recognition and disclosure of obligations arising from social transfers and public sector support programmes.
How Shasat can help: Shasat is a recognised specialist in public sector accounting standards, providing IPSAS advisory to governments, central banks, development finance institutions and international organisations across multiple continents. We bring deep technical expertise and hands-on implementation experience at the intersection of IFRS and public sector accounting. Our teams lead IPSAS 41 ECL model design and validation for government loan portfolios, deliver IPSAS 43 lease liability recognition programmes across complex property estates, design transfer and non-exchange expense frameworks under IPSAS 48 and 49, and manage complete cash-to-accrual transition programmes from policy design through to first IPSAS financial statement preparation and audit support. Across these and other IPSAS standards, Shasat assists organisations in strengthening accounting policies, implementing robust reporting frameworks and delivering transparent, high-quality public sector financial reporting.
Live Standards Updates
Latest from IASB, FASB, FRC & IPSASB
Automatically fetched from official sources. Refreshed each time this page loads so you always see the most current technical updates from the four major standard-setters.
IASB
IASB proposes a new accounting model for net interest rate repricing risk in open portfolios, with amendments to IFRS 9 and IFRS 7. Comment period ends 31 Ju…
IASB
Amendments extend IFRS 19 reduced disclosure framework to cover IFRS 18, supplier finance arrangements, Pillar Two tax disclosures and IFRS 9 classification …
IASB
IFRS 18 replaces IAS 1, effective 1 January 2027. Introduces five mandatory income statement categories and requires management-defined performance measures …
IASB
Clarifies SPPI assessment for ESG-linked instruments. Introduces accounting policy option for early derecognition of liabilities settled via electronic payme…
IASB
New standard providing reduced disclosures for eligible subsidiaries of IFRS groups. Maintains full recognition, measurement and presentation requirements. E…
IASB
Active projects include ED/2026/1 Fair Value Option for Investments in Associates (IAS 28), Business Combinations under Common Control, Management Commentary…
Common Questions
Technical Q&A: Global IFRS Desk
Guidance current as at Q1 2026 and references IASB, FASB, FRC and IPSASB source material.
IFRS 18 replaces IAS 1 and is effective for annual periods beginning on or after 1 January 2027. It introduces five mandatory income statement categories, requires management-defined performance measures (MPMs) such as adjusted EBITDA or underlying profit to be disclosed directly in the financial statements with a reconciliation to the nearest IFRS line item, and introduces enhanced disaggregation requirements. This is the most significant change to financial statement presentation in over two decades and affects virtually every IFRS preparer.
Two major changes effective 1 January 2026: a new on-balance sheet lessee model requiring right-of-use assets and lease liabilities for most leases (broadly IFRS 16-equivalent), and a revised five-step revenue model (IFRS 15-equivalent). Both carry commercial as well as accounting implications, affecting gearing ratios, EBITDA, loan covenant compliance and distributable profits. December year-end entities need 2025 comparatives, so implementation must be substantially complete during 2025. The revised FRS 102 also introduces an optional IFRS 9 election for financial instruments.
Both replace the incurred-loss model with forward-looking credit loss recognition. IFRS 9 uses a three-stage model: 12-month ECL for Stage 1 (no significant increase in credit risk since origination) and lifetime ECL for Stages 2 and 3. CECL under ASC 326 requires lifetime ECL from origination on all in-scope assets with no staging distinction, making it more conservative at Day 1 and producing higher initial loss allowances. Further differences exist in instrument scope, off-balance sheet treatment and acceptable estimation methodologies.
The SPPI (solely payments of principal and interest) test determines whether a financial asset’s contractual cash flows are consistent with a basic lending arrangement. If passed alongside the business model test, the asset may be classified at amortised cost or FVOCI, keeping fair value movements out of profit or loss. The IFRS 9 and IFRS 7 amendments effective 1 January 2026 clarify SPPI assessment for ESG-linked instruments, including sustainability-linked loans where the interest rate adjusts based on ESG performance targets. Entities with sustainability-linked loan portfolios need to reassess their SPPI conclusions under the amended guidance.
IPSAS 43 (effective 1 January 2025) requires government lessees to recognise right-of-use assets and lease liabilities for most leases. The core challenge is scale: government property estates are typically extensive and fragmented, with thousands of leases across multiple departments and agencies and data records of varying quality. Additional complexities include concessionary leases, peppercorn rentals, inter-entity lease arrangements and heritage or infrastructure assets. Shasat supports the complete IPSAS 43 implementation cycle, from lease identification through to first-year disclosure preparation.
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The Global IFRS Desk team works closely with other Shasat Consulting practice areas to deliver integrated solutions for complex accounting and financial reporting matters.
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At Shasat, we provide specialist accounting advisory for complex financial reporting challenges. Our teams support organisations with accounting standards implementation, technical accounting advice and accounting policy development. In addition, we assist finance teams with financial reporting and evolving regulatory requirements. Therefore, organisations strengthen compliance, reporting quality and accounting processes. Contact the Shasat Global Accounting Advisory Desk to discuss how our specialists can support your organisation.
IFRS · US GAAP · UK GAAP · IPSAS
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