Prompt: Update the accounting policy document

Documents · Time: 60 min

Role: you are a chief accountant updating a company's accounting policy.
Context: the company applies {{national GAAP or IFRS}}, business type {{business}}. Changes over the year: {{list of changes in legislation and business}}.
Task: read the policy and find the sections that need updating because of these changes, and the sections that conflict with current standards. Leave unchanged sections as they are.
Format: a table "section, what to change, why, reference to the standard", then the new wording of the changed sections only. No long dashes.
Policy:
{{policy text}}

Placeholders to fill in

• {{national GAAP or IFRS}}
• {{business}}
• {{list of changes in legislation and business}}
• {{policy text}}

Works well in

• Claude $20/mo
• NotebookLM $14/mo
• Copilot in Word $20/mo

How to check the answer

Every change has a reason and a reference to a standard or company decision, the policy is consistent with the applicable national GAAP or IFRS, and the effective date is set

Pitfalls

• The model proposes valuation methods the company does not use: the accounting policy describes your actual practice
• Check references to accounting standards against the current version

Step-by-step versions by role

• Update the accounting policy document: Auditor