@raishin/vanguard-frontier-agentic 2.7.1 → 2.9.0

package/skills/finance/treasury-liquidity-advisor/SKILL.md

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+---
+name: treasury-liquidity-advisor
+description: Multi-jurisdiction reference framework for corporate treasury operations, cash and liquidity management, FX and currency risk, hedge accounting qualification (ASC 815 / IFRS 9), FX translation (ASC 830 / IAS 21), Basel III LCR/NSFR, Dodd-Frank and EMIR derivatives reporting, and country-specific cash repatriation and capital control regimes (China SAFE, India FEMA, Brazil IOF, Argentina BCRA). Advisory only — never executes transactions or writes to any system of record.
+allowed-tools: Skill Read WebFetch Glob
+metadata:
+  author: "github: Raishin"
+  version: "0.1.0"
+  updated: "2026-06-01"
+  category: finance
+  lifecycle: experimental
+---
+
+# Treasury & Liquidity Advisor Skill
+
+> Read-only reference framework. All conclusions are advisory. Treasury regulations, capital controls, and
+> withholding tax rates change frequently. Verify current requirements with local legal counsel and qualified
+> tax advisors before executing any treasury strategy.
+
+---
+
+## Part 1 — Cash Pooling Structures and Jurisdiction Restrictions
+
+### 1.1 Pooling Structure Types
+
+| Structure | Mechanism | Key Benefit | Primary Risk |
+|---|---|---|---|
+| **Physical zero-balance pooling** | Actual cash swept to header account; intercompany loans created | Optimal interest offset; full cash concentration | Thin capitalization; withholding tax on intercompany interest; documentation burden |
+| **Notional pooling** | Balances netted for interest calculation; no actual movement | Simplicity; no IC loan documentation for sweeps | Banks may require full netting rights; blocked in some jurisdictions |
+| **Cross-border intercompany lending** | Formal intercompany loans between entities | Flexible; usable where pooling is unavailable | Transfer pricing; OECD TP Guidelines Chapter X; registration requirements |
+
+### 1.2 Country-Specific Restrictions Matrix
+
+| Country | Physical Pooling | Notional Pooling | Cross-Border Loans | Key Regulator | Key Restriction |
+|---|---|---|---|---|---|
+| **China (CNY)** | Domestic: allowed. Cross-border: restricted by SAFE | Cross-border: not commonly available | Permitted; capped at 2× registered capital (external debt quota); must register with SAFE; rate capped near LPR | SAFE, PBOC | SAFE Circular 19 (2019) governs cross-border pools |
+| **India (INR)** | Domestic: allowed within group. Cross-border: **not permitted** | Cross-border: not permitted | Require RBI approval; subject to ECB (External Commercial Borrowing) guidelines; withholding on interest | RBI | FEMA (Foreign Exchange Management Act 1999); RBI Master Direction on ECB |
+| **Brazil (BRL)** | Domestic: functional. Cross-border: historically restricted | Cross-border: operationally difficult | BACEN regulates; IOF (Financial Operations Tax, 0.38% on most FX flows) applies; profit remittance: 15% withholding (25% for tax-haven recipients) | BACEN, Receita Federal | Foreign capital must be registered with BACEN |
+| **Argentina (ARS)** | *Substantially liberalized April 14, 2025:* cepo cambiario capital controls lifted; companies can repatriate profits | Now largely open post-April 2025 | Materially liberalized; watch BCRA guidance; pre-April 2025 transactions still under prior rules | BCRA | Volatile — verify with local counsel before acting |
+| **Eurozone (EUR)** | Fully open; SEPA harmonizes EUR flows | Widely available | No restrictions within EU/EEA; arm's-length pricing required | ECB, local NCAs | Transfer pricing per OECD TP Guidelines Chapter X |
+| **United States (USD)** | Fully open | Widely available | No restrictions; IRC §385 related-party debt documentation required | Federal Reserve, IRS | Thin cap analysis; debt vs. equity characterization |
+| **United Kingdom (GBP)** | Fully open | Available | No restrictions; thin-cap rules apply (UK CTA 2010 Part 7A) | HMRC | Transfer pricing; interest limitation rules (Finance Act 2017) |
+| **Japan (JPY)** | Domestic: functional. Cross-border: available | Available | No restrictions | FSA, BOJ | JGAAP vs. IFRS 9 hedge accounting divergence |
+| **Australia (AUD)** | Fully open | Available | No restrictions; thin-cap via Div. 820 ITAA 1997 | ATO | Transfer pricing |
+
+### 1.3 Transfer Pricing on Cash Pools
+
+OECD Transfer Pricing Guidelines Chapter X (2020) specifically addresses financial transactions including cash pooling. Key requirements:
+- Header company must earn a fair market spread for the pooling service.
+- Arm's-length rate documentation required for each intercompany loan created by physical sweep.
+- Short-term nature does not exempt from TP documentation requirements.
+- Country-by-Country Reporting (CbCR) — OECD BEPS Action 13 — requires disclosure of intercompany financing flows for groups with consolidated revenue ≥ €750M.
+
+---
+
+## Part 2 — Liquidity Position Analysis (Basel III LCR/NSFR Framework)
+
+### 2.1 Applicability
+
+Basel III LCR and NSFR apply directly to **banks and SIFIs (systemically important financial institutions)**. Non-bank corporates are NOT directly subject. Corporate treasury teams use the framework for:
+- Understanding banking counterparty behavior under stress
+- Structuring revolving credit facility terms (banks price facilities per LCR treatment of committed lines)
+- Benchmarking internal liquidity metrics
+
+### 2.2 LCR — Liquidity Coverage Ratio (BCBS 238)
+
+**Formula:** LCR = Stock of HQLA / Total net cash outflows over 30-day stress period ≥ 100%
+
+**HQLA tiers:**
+- Level 1: Coins and banknotes, central bank reserves, sovereign/central bank assets (0% haircut)
+- Level 2A: Government/PSE securities (15% haircut; capped at 40% of total HQLA)
+- Level 2B: RMBS, corporate bonds rated AA or higher, equity (25–50% haircut; capped at 15% of total HQLA)
+
+**BIS Basel III Monitoring Exercise (Dec 31, 2024):**
+- Group 1 banks (Tier 1 capital > €3B): weighted average LCR = **134.8%** (3 banks below 100% minimum)
+- Group 2 banks: weighted average LCR = **181.2%**
+
+**Official source:** [bis.org/publ/bcbs238.pdf](https://www.bis.org/publ/bcbs238.pdf)
+
+### 2.3 NSFR — Net Stable Funding Ratio (BCBS 295 / BCBS 324)
+
+**Formula:** NSFR = Available Stable Funding (ASF) / Required Stable Funding (RSF) ≥ 100%
+
+**Time horizon:** 1-year funding profile (compared to LCR's 30-day stress)
+
+**BIS Basel III Monitoring Exercise (Dec 31, 2024):**
+- Group 1 banks: weighted average NSFR = **123.7%** (all banks above 100%)
+
+**Official source:** [bis.org/bcbs/publ/d295.htm](https://www.bis.org/bcbs/publ/d295.htm) and [bis.org/bcbs/publ/d324.pdf](https://www.bis.org/bcbs/publ/d324.pdf)
+
+### 2.4 Corporate Treasury Liquidity Metrics (Non-Bank)
+
+| Metric | Formula | What it Measures |
+|---|---|---|
+| **Current ratio** | Current assets / Current liabilities | Short-term liquidity; >1× preferred |
+| **Quick ratio** | (Cash + Receivables) / Current liabilities | Liquidity excluding inventory |
+| **Cash conversion cycle** | DIO + DSO − DPO | Days to convert inventory to cash |
+| **Revolving credit headroom** | Available facility − Outstanding draws | Liquidity buffer |
+| **Days liquidity on hand** | Cash + Available revolving / Daily cash burn | Runway metric |
+
+---
+
+## Part 3 — Hedge Accounting Qualification
+
+### 3.1 Hedge Types
+
+| Hedge Type | Hedged Item | Accounting Treatment |
+|---|---|---|
+| **Fair value hedge** | Firm commitment or asset/liability carried at amortized cost | Changes in fair value of both hedging instrument AND hedged item recognized in P&L; basis adjustment |
+| **Cash flow hedge** | Highly probable forecast transaction or variable-rate exposure | Effective portion → OCI (accumulated); reclassified to P&L when hedged item affects earnings |
+| **Net investment hedge** | Net assets of a foreign operation | Effective portion → OCI (CTA); reclassified to P&L on disposal of the foreign operation |
+
+### 3.2 ASC 815 vs. IFRS 9 — Hedge Accounting Qualification Comparison
+
+| Feature | **ASC 815 (US GAAP)** | **IFRS 9 (IFRS)** |
+|---|---|---|
+| **Framework** | Rules-based; prescriptive criteria | Principles-based; economic relationship test |
+| **Effectiveness testing — prospective** | Must demonstrate hedge will be highly effective; qualitative critical-terms-match permitted after ASU 2017-12 | "Economic relationship" test — qualitative; no 80–125% numerical threshold |
+| **Effectiveness testing — retrospective** | 80–125% quantitative range (or qualitative after ASU 2017-12) | **No retrospective test required** |
+| **Shortcut method** | Available for qualifying plain-vanilla interest rate swaps matching all terms | **Not available** |
+| **Eligible hedged items** | Specific items; benchmark interest rate component hedgeable (ASU 2017-12) | Broader: risk components of non-financial items allowed; layer component hedging (ASU 2022-01 equivalent) |
+| **Basis adjustment (fair value hedge)** | Included in carrying amount; amortized on de-designation | Included in carrying amount |
+| **Macro / portfolio hedging** | **Not permitted** under ASC 815 (FASB project ongoing) | IAS 39 portfolio fair value hedge carve-out retained in IFRS 9; IASB macro hedging project (DP/2014/1) still incomplete |
+| **Non-derivative hedging instruments** | Not permitted for most hedge types | Permitted for FX risk hedges |
+| **Documentation** | Contemporaneous at hedge inception | Contemporaneous at hedge inception |
+
+**Key ASU updates:**
+- ASU 2017-12: Simplified hedge accounting; eliminated retrospective quantitative test option; added last-of-layer method
+- ASU 2022-01: Portfolio layer method for fair value hedges of interest rate risk
+- ASU 2025-09: Post-LIBOR benchmark rate transition issues
+
+### 3.3 Qualification Checklist (Both Standards)
+
+1. **Identify:** hedging instrument (must be a derivative, or non-derivative FI for IFRS 9 FX hedges)
+2. **Identify:** hedged item (eligible under applicable standard)
+3. **Specify:** hedge type (fair value / cash flow / net investment)
+4. **Document (contemporaneous):** hedging relationship, risk management objective, hedge ratio
+5. **Demonstrate (prospective):** economic relationship / effectiveness (qualitative or quantitative)
+6. **Assess (ongoing):** rebalancing requirements (IFRS 9) or de-designation if criteria no longer met (ASC 815)
+
+### 3.4 Local GAAP Hedge Accounting Variations
+
+| Jurisdiction | Standard | Key Difference from IFRS 9 |
+|---|---|---|
+| **Germany** | HGB §254 (Bewertungseinheit) | Linked valuation — stricter than IFRS 9; no fair value recognition |
+| **Japan** | ASBJ Accounting Standard No. 10 | Separate effectiveness testing (similar to 80–125% range); own documentation |
+| **India** | Ind AS 109 = IFRS 9 (consolidated); AS 30/31/32 (statutory) | Statutory accounts may differ from Ind AS consolidated |
+| **China** | CAS 24 | Follows IFRS 9 hedge accounting model closely |
+| **Brazil** | CPC 48 | = IFRS 9 equivalent |
+
+**Three-layer documentation implication:** Fortune-50 centralized treasury must track hedge relationships separately for: (a) consolidated IFRS/US GAAP, (b) each subsidiary's local statutory GAAP, and (c) local tax treatment.
+
+---
+
+## Part 4 — FX Exposure Analysis
+
+### 4.1 Functional Currency Determination
+
+| Criterion | ASC 830 | IAS 21 |
+|---|---|---|
+| **Primary approach** | Indicators-based; primary and secondary indicators | Hierarchical: primary indicators (sales prices, costs) first; secondary if inconclusive |
+| **Sales price indicator** | Currency in which sales prices are denominated | Currency that mainly influences sales prices |
+| **Cost indicator** | Currency of the country whose costs determine selling prices | Currency that mainly influences labor and materials costs |
+| **Change in functional currency** | Prospective from date of change | Prospective from date of change |
+
+### 4.2 Remeasurement vs. Translation
+
+| Method | When Applied | Rate Used | P&L vs. OCI |
+|---|---|---|---|
+| **Temporal (Remeasurement)** | Functional currency = reporting currency (foreign entity is integral operation) | Monetary items: closing rate; non-monetary at historical cost: historical rate; non-monetary at fair value: rate at fair value date | FX gains/losses → **P&L** |
+| **Current Rate (Translation)** | Functional currency ≠ reporting currency (foreign operation is a separate entity) | Assets/liabilities: closing rate; income/expenses: transaction date rate or average rate | FX differences → **OCI (CTA)** |
+
+### 4.3 Common FX Translation Errors
+
+| Error | Standard Violated | Consequence |
+|---|---|---|
+| Monetary items translated at historical rate | ASC 830-10 / IAS 21 §23 | Understated/overstated balance sheet; P&L distortion |
+| CTA not recycled on disposal of foreign entity | ASC 830-30-40 / IAS 21 §48 | Common material audit finding; understated disposal gain/loss |
+| IC payables/receivables not revalued at period-end spot rate | ASC 830-20-35 / IAS 21 §23 | IC mismatch; consolidation error |
+| Incorrect OCI vs. P&L classification | ASC 830-20 / IAS 21 §28 | Earnings manipulation risk |
+| Inconsistent rate application across entities (e.g., different closing times) | ASC 830-30-45 / IAS 21 §26 | Consolidation difference |
+
+### 4.4 Hyperinflationary Economies
+
+| Standard | Approach | Jurisdictions (illustrative) |
+|---|---|---|
+| **ASC 830** | Remeasure as if functional = parent's reporting currency; gains/losses → P&L | Argentina (historically), Venezuela, Zimbabwe |
+| **IAS 29 / IAS 21** | Restate local functional currency statements using IAS 29 purchasing power adjustments, then translate | Argentina (IAS 29 applies since 2018), Lebanon, South Sudan |
+
+---
+
+## Part 5 — Cash Repatriation and Withholding Tax
+
+### 5.1 Repatriation Channels
+
+1. **Dividend** — most common; withholding tax applies in most jurisdictions; requires retained earnings
+2. **Royalties / IP licensing** — taxed as business income; transfer pricing scrutiny
+3. **Service fees / management charges** — transfer pricing; thin rules on deductibility
+4. **Intercompany loan repayment** — no withholding on principal; interest withholding varies
+5. **Capital reduction** — regulatory approval required in many jurisdictions
+
+### 5.2 Withholding Tax Matrix (illustrative; treaty rates vary)
+
+| Country | Dividend WHT (domestic) | Reduced by tax treaty (example) | Notes |
+|---|---|---|---|
+| **China** | 10% | 5% (if ≥ 25% shareholding under many treaties, e.g., HK-China) | SAFE registration of equity investment required before repatriation |
+| **India** | 20% | 10–15% (US-India treaty); 10% (Mauritius route subject to GAAR) | Repatriation straightforward; TP on IC services scrutinized |
+| **Brazil** | 0% (dividends exempt at entity level since 1996) | N/A | Interest on Net Equity (JCP) — deductible for payor, taxed at 15% for recipient |
+| **Japan** | 20.42% | 5% (US-Japan treaty for ≥ 10% shareholding) | Full conversion available; no capital controls |
+| **Germany** | 26.375% | 5% (EU Parent-Subsidiary Directive — 0% for EU subsidiaries; 5% for US) | EU PSD: 0% WHT for EU-resident parent |
+| **Australia** | 30% | 5% (US-Australia treaty for ≥ 10% shareholding) | Dividend imputation credit system reduces economic double tax |
+| **UK** | 0% (no WHT on dividends under UK domestic law since 2016) | N/A | No withholding; PE risks for UK-based treasury centers |
+| **United States** | 30% (non-treaty) | 5% (most treaties for corporate parent ≥ 10% ownership) | PTEP (previously taxed earnings and profits) — post-TCJA repatriation mechanism |
+
+**Advisory note:** Treaty rates depend on meeting conditions (ownership threshold, beneficial ownership, LOB clauses). Verify current treaty text and domestic anti-avoidance rules with qualified tax counsel before structuring repatriation.
+
+### 5.3 China SAFE — Specific Requirements
+
+- **Equity investment registration:** Foreign equity must be registered with SAFE before profits can be repatriated.
+- **External debt quota:** Cross-border loans subject to macro-prudential regulation; total cross-border financing capped at 2× registered capital (for non-financial enterprises).
+- **Dividend timeline:** Typically 3–6 months from audit completion to cash receipt in offshore account.
+- **Capital account transactions:** Most require SAFE approval or filing; current account (trade) transactions: banks can handle without SAFE pre-approval if documentation is in order.
+- **Circular 19 (2019):** Governs cross-border capital pool; domestic participating entities must meet solvency and compliance requirements.
+
+**Source:** SAFE — [safe.gov.cn/en/](https://www.safe.gov.cn/en/) — English summaries available
+
+### 5.4 India FEMA / RBI — Specific Requirements
+
+- **FEMA 1999:** Governs all FX transactions for Indian residents.
+- **Liberalised Remittance Scheme (LRS):** Individuals up to USD 250,000/year; corporates use separate ODI (Overseas Direct Investment) / FDI routes.
+- **ECB (External Commercial Borrowings):** RBI master direction sets eligible borrowers, lenders, minimum maturity, all-in-cost ceiling (benchmarked to SOFR/LIBOR successor + spread).
+- **Royalties / service fees:** Automatic route available for royalty up to 8% of sales / 25% of net foreign exchange earnings; above = government approval.
+- **Dividend repatriation:** Automatic; no prior RBI approval required after audit is complete.
+
+**Source:** RBI Master Direction on ECB: [rbi.org.in](https://www.rbi.org.in/) — fully public
+
+---
+
+## Part 6 — Derivatives Reporting Obligations
+
+### 6.1 Dodd-Frank (US) — CFTC
+
+- **Scope:** Swaps (IRS, CDS, FX swaps/forwards designated as swaps) by US persons and non-US persons with US nexus.
+- **End-user exception:** Corporates qualifying as non-financial end-users can claim exception from mandatory clearing if hedging commercial risk; must notify CFTC (Form EE or equivalent platform).
+- **Reporting:** All swaps must be reported to a CFTC-registered Swap Data Repository (SDR) — either dealer-side reporting or dual-sided.
+- **CFTC registration:** Dealers and major swap participants must register; end-users generally do not.
+
+**Official source:** [cftc.gov/LawRegulation/DoddFrankAct/](https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm) — fully public
+
+### 6.2 EMIR (EU) — ESMA
+
+- **Scope:** OTC derivatives contracts concluded by EU counterparties (financial and non-financial counterparties above clearing threshold).
+- **Clearing obligation:** NFC+ (non-financial counterparty above threshold) — must clear through a CCP for IRS and CDS in certain categories.
+- **Reporting obligation:** Both counterparties (or one delegating to the other) must report to a registered Trade Repository.
+- **EMIR Refit (2019) / EMIR 3.0 (2024):** Revised thresholds and reporting formats; ISO 20022 XML format for trade reports from April 2024.
+- **UK EMIR (post-Brexit):** UK retained EMIR obligations under UK law via onshoring; now supervised by FCA. Substantively similar to EU EMIR.
+
+**Official source:** [esma.europa.eu/data-reporting/emir-reporting](https://www.esma.europa.eu/data-reporting/emir-reporting) — fully public
+
+### 6.3 ISO 20022 — Treasury Impact
+
+SWIFT completed mandatory migration from MT to ISO 20022 (MX messages) for cross-border interbank payments on **November 22, 2025**. Corporate treasury implications:
+- Banks mandated; corporates strongly encouraged by end-2026 (structured country codes, town names required).
+- Richer data in ISO 20022 (pacs.008, camt.053) enables automated reconciliation.
+- TMS systems must support ISO 20022 processing.
+
+---
+
+## Part 7 — Official Documentation URLs
+
+| Standard / Regulation | URL | Access |
+|---|---|---|
+| **IFRS 9** (Financial Instruments — hedge accounting §6.4–6.8) | [ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments/](https://www.ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments/) | Free with registration |
+| **IAS 21** (Effects of Changes in FX Rates) | [ifrs.org/issued-standards/list-of-standards/ias-21-the-effects-of-changes-in-foreign-exchange-rates/](https://www.ifrs.org/issued-standards/list-of-standards/ias-21-the-effects-of-changes-in-foreign-exchange-rates/) | Free with registration |
+| **IAS 39** (legacy hedge accounting — still used for portfolio fair value hedges) | [ifrs.org/issued-standards/list-of-standards/ias-39-financial-instruments-recognition-and-measurement/](https://www.ifrs.org/issued-standards/list-of-standards/ias-39-financial-instruments-recognition-and-measurement/) | Free with registration |
+| **ASC 815** (Derivatives and Hedging) | [asc.fasb.org](https://asc.fasb.org/) → search "815" | Free with registration |
+| **ASC 830** (Foreign Currency Matters) | [asc.fasb.org](https://asc.fasb.org/) → search "830" | Free with registration |
+| **FASB ASU 2017-12** (Hedge Accounting Improvements) | [storage.fasb.org/ASU%202017-12.pdf](https://storage.fasb.org/ASU%202017-12.pdf) | Fully public |
+| **Basel III LCR** (BCBS 238) | [bis.org/publ/bcbs238.pdf](https://www.bis.org/publ/bcbs238.pdf) | Fully public |
+| **Basel III NSFR** (BCBS 295) | [bis.org/bcbs/publ/d295.htm](https://www.bis.org/bcbs/publ/d295.htm) | Fully public |
+| **CFTC Dodd-Frank End-User Exception** | [cftc.gov/LawRegulation/DoddFrankAct/](https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm) | Fully public |
+| **EU EMIR** (Regulation 648/2012) | [eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648) | Fully public |
+| **ESMA EMIR Reporting** | [esma.europa.eu/data-reporting/emir-reporting](https://www.esma.europa.eu/data-reporting/emir-reporting) | Fully public |
+| **SAFE (China) — English** | [safe.gov.cn/en/](https://www.safe.gov.cn/en/) | Fully public |
+| **RBI — ECB Master Direction** | [rbi.org.in](https://www.rbi.org.in/) | Fully public |
+| **Fed SR 10-6** (Liquidity Risk Management) | [federalreserve.gov/supervisionreg/srletters/sr1006.pdf](https://www.federalreserve.gov/supervisionreg/srletters/sr1006.pdf) | Fully public |
+
+---
+
+## Mandatory Advisory Note
+
+This analysis is advisory and based solely on the facts described. Treasury regulations, capital controls, and withholding tax rates change frequently and vary by entity type. Verify current requirements with local legal counsel and qualified tax advisors before executing any treasury strategy. Do not use this analysis as the basis for actual financial transactions. This skill does not form a financial-advisor or investment-advisor relationship.

package/skills/finance/treasury-liquidity-advisor/metadata.json

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+{
+  "id": "treasury-liquidity-advisor",
+  "name": "Treasury & Liquidity Advisor",
+  "type": "skill",
+  "provider": "finance",
+  "category": "finance",
+  "summary": "Multi-jurisdiction reference framework for corporate treasury operations, cash and liquidity management, FX and currency risk, hedge accounting qualification (ASC 815 / IFRS 9), FX translation (ASC 830 / IAS 21), Basel III LCR/NSFR, Dodd-Frank and EMIR derivatives reporting, and country-specific cash repatriation and capital control regimes (China SAFE, India FEMA, Brazil IOF, Argentina BCRA).",
+  "source_type": "original",
+  "path": "skills/finance/treasury-liquidity-advisor",
+  "author": "github: Raishin",
+  "version": "0.1.0",
+  "last_verified": "2026-06-01",
+  "lifecycle": "experimental",
+  "execution_tier": "read-only-runtime",
+  "provider_coverage": ["gaap", "ifrs", "bis", "cftc", "esma", "fca", "rbi", "safe", "bcra"],
+  "official_docs": [
+    "https://www.bis.org/publ/bcbs238.pdf",
+    "https://www.bis.org/bcbs/publ/d295.htm",
+    "https://www.ifrs.org/issued-standards/list-of-standards/ifrs-9-financial-instruments/",
+    "https://www.ifrs.org/issued-standards/list-of-standards/ias-21-the-effects-of-changes-in-foreign-exchange-rates/",
+    "https://www.ifrs.org/issued-standards/list-of-standards/ias-39-financial-instruments-recognition-and-measurement/",
+    "https://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm",
+    "https://www.esma.europa.eu/data-reporting/emir-reporting",
+    "https://storage.fasb.org/ASU%202017-12.pdf"
+  ],
+  "security_notes": "Advisory only — never executes, simulates, or proposes financial transactions, hedges, or payment instructions. Never accepts bank account numbers, SWIFT credentials, FX rates for live transactions, or payment instructions. Capital control and regulatory requirements change frequently — always recommend verification with local legal counsel."
+}

package/skills/finance/variance-analysis-advisor/README.md

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+# Variance Analysis Advisor Skill
+
+Complete framework for FP&A variance decomposition and SEC MD&A commentary drafting, used by `finance-variance-analysis-advisor-agent`.
+
+## What it provides
+
+- Standard four-factor decomposition: Volume / Price-Rate / Mix / One-Time
+- Extended decomposition for operating expenses
+- FX translation effect methodology
+- SEC Regulation S-K Item 303 requirements with paragraph citations
+- MD&A commentary structure and paragraph tagging framework
+- Materiality thresholds (quantitative + qualitative override)
+- Restatement-risk trigger catalog
+- Official documentation URLs (all public/eCFR)
+- Mandatory advisory note template
+
+## Coverage
+
+Annual (10-K) and interim (10-Q) Results of Operations, non-GAAP reconciliation guidance, segment reporting considerations, and forward-looking statement safe-harbor triggers.

package/skills/finance/variance-analysis-advisor/SKILL.md

@@ -0,0 +1,167 @@
+---
+name: variance-analysis-advisor
+description: Variance decomposition framework and SEC Regulation S-K Item 303 MD&A commentary guidance for FP&A and corporate finance teams. Provides driver decomposition methodology (Volume/Price/Rate/Mix/One-Time), MD&A structural requirements with regulatory citations, restatement-risk trigger catalog, sensitivity analysis templates, and materiality threshold guidance. Advisory only — all draft commentary requires CFO certification and legal review before filing.
+allowed-tools: Skill Read WebFetch Glob
+metadata:
+  author: "github: Raishin"
+  version: "0.1.0"
+  updated: "2026-06-01"
+  category: finance
+  lifecycle: experimental
+---
+
+# Variance Analysis Advisor — Reference Skill
+
+## Purpose
+
+Provide the complete analytical framework for variance decomposition and MD&A commentary drafting, consistent with SEC Regulation S-K Item 303 requirements and FASB ASC 270 (Interim Reporting) expectations.
+
+## Official Documentation
+
+| Standard | Source | Access |
+|---|---|---|
+| SEC Regulation S-K Item 303 (MD&A) — eCFR | https://www.ecfr.gov/current/title-17/chapter-II/part-229/subpart-229.300/section-229.303 | **Fully public** (eCFR) |
+| SEC Regulation S-K Item 303 — Cornell LII | https://www.law.cornell.edu/cfr/text/17/229.303 | **Fully public** |
+| SEC Final Rule 33-10890 (2020 MD&A Amendments) | https://www.sec.gov/files/rules/final/2020/33-10890.pdf | **Fully public PDF** |
+| SEC 2020 Interpretive Guidance on MD&A | https://www.sec.gov/files/rules/interp/2020/33-10751.pdf | **Fully public PDF** |
+| SEC 2003 MD&A Guidance | https://www.sec.gov/rules-regulations/2003/12/commission-guidance-regarding-managements-discussion-analysis-financial-condition-results-operations | **Fully public** |
+| FASB ASC 270 (Interim Reporting) | https://asc.fasb.org/270 | Free account required |
+| FASB ASC 280 (Segment Reporting) | https://asc.fasb.org/280 | Free account required |
+| FASB ASC 205-20 (Discontinued Operations) | https://asc.fasb.org/205-20 | Free account required |
+| SEC Non-GAAP Financial Measures Guidance | https://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm | Public |
+
+---
+
+## SEC Regulation S-K Item 303 — MD&A Requirements
+
+### Annual (10-K) Results of Operations Requirements (S-K 303(b)(2))
+
+**Required disclosures:**
+1. Material changes in net sales/revenues between periods — explain underlying causes, not just state the number
+2. Material changes in cost of revenues — distinguish volume, price, and mix effects
+3. Material changes in gross margin — quantify and explain
+4. Material changes in each significant operating expense line
+5. Material changes in income from operations
+6. Known trends, demands, commitments, events, or uncertainties expected to materially affect results (S-K 303(b)(1)) — this is forward-looking and requires careful legal review
+
+**Key SEC guidance (Release 33-8350):**
+- "Material" = would a reasonable investor consider the information important in making an investment decision (qualitative + quantitative)
+- Quantitative threshold generally used in practice: ≥5% change in a line item, or absolute dollar threshold based on company size
+- Comparative period requirement: typically year-over-year (most recent two fiscal years)
+- Causes must be described with specificity — "other income increased primarily due to gain on sale of building" not "other income increased"
+
+### Interim (10-Q) Requirements (S-K 303(b)(1), ASC 270)
+
+**Required disclosures:**
+1. Material changes vs. the corresponding period of the prior year (year-to-date and quarterly)
+2. Material changes vs. the most recent annual period (when seasonal or where there are significant changes)
+3. ASC 270-10-45-14: Disclose information about unusual or infrequently occurring items
+4. ASC 270-10-45-4: Each interim period stands on its own — do not defer recognition to a later "expected" quarter
+
+**Key SEC guidance:** Interim MD&A may be less detailed than annual but must cover material changes. The SEC staff frequently comments on interim MD&A that simply repeats boilerplate from prior periods without explaining period-specific drivers.
+
+---
+
+## Driver Decomposition Framework
+
+### Standard Four-Factor Decomposition
+
+For every material revenue or cost-of-revenue variance, decompose into:
+
+| Factor | Definition | How to Compute |
+|---|---|---|
+| **Volume effect** | Change attributable to selling more/fewer units | (Current units − Prior units) × Prior price |
+| **Price/Rate effect** | Change attributable to price changes | Current units × (Current price − Prior price) |
+| **Mix effect** | Change attributable to shift in product/segment composition | Total change − Volume effect − Price effect − FX effect |
+| **One-time items** | Non-recurring items: restructuring, asset sales, legal settlements | Identify and quantify each; tag as one-time |
+
+**Total check:** Volume + Price + Mix + One-time = Total $ variance ± rounding
+
+### Extended Decomposition for Operating Expenses
+
+| Factor | Definition |
+|---|---|
+| **Headcount-driven** | Change in FTE count × average cost per FTE |
+| **Rate-driven** | FTE count × change in average cost per FTE (compensation, benefits) |
+| **Program-driven** | Discretionary spend (marketing programs, R&D projects, capex timing) |
+| **One-time** | Non-recurring charges: impairments, restructuring, severance |
+
+### FX Translation Effect (Multinationals)
+
+Disclose separately when the company reports in a currency other than functional currencies of subsidiaries:
+- Constant currency revenue = prior-period revenue × (current-period FX rate / prior-period FX rate)
+- FX effect = actual change − constant currency change
+- SEC staff routinely comments on non-GAAP constant currency metrics that are not reconciled per SEC Non-GAAP guidance
+
+---
+
+## MD&A Commentary Structure
+
+### Recommended Section Structure (Results of Operations)
+
+```
+1. Overview (1-2 sentences): "Results for [period] reflected [top driver], partially offset by [counter-driver]."
+2. Revenue:
+   a. Total revenue: $X vs. $Y prior period (+/-$Z, +/-W%)
+   b. By segment or product line (if material)
+   c. Driver explanation: volume, pricing, mix, one-time
+   d. Geographic breakdown (if material)
+3. Cost of revenues / Gross margin:
+   a. Total cost: $X vs. $Y (+/-$Z)
+   b. Gross margin: X% vs. Y% (±Z bps)
+   c. Driver explanation: material cost drivers
+4. Operating expenses (by line):
+   a. S&M / R&D / G&A: each with $ change, % change, driver explanation
+5. Income from operations:
+   a. GAAP operating income / loss: $ change
+6. Non-GAAP reconciliation (if company presents non-GAAP): per SEC Non-GAAP guidance
+7. Liquidity and Capital Resources (separate section, not covered here)
+```
+
+### Paragraph Tagging
+
+Tag each paragraph before finalizing:
+
+| Tag | Meaning |
+|---|---|
+| `required-disclosure` | Mandated by S-K 303; must be in the filing |
+| `material-trend` | Material change meeting quantitative/qualitative threshold |
+| `management-chosen` | Discretionary color; legal must review for forward-looking statement compliance |
+| `safe-harbor` | Forward-looking statements that require safe-harbor language under PSLRA |
+
+---
+
+## Materiality Thresholds
+
+**Quantitative guidance (practice standard):**
+- Revenue variance ≥ 5% of prior period revenue → material; requires explanation
+- Operating expense variance ≥ 5% of prior period operating expense AND > $X materiality (company-size dependent) → material
+- Any line item that moves gross margin ≥ 50 basis points → material
+
+**Qualitative override:** A <5% variance is still material if it represents a reversal of a trend, involves a new business line, or signals a future uncertainty.
+
+**Single-driver concentration risk:** If one driver accounts for >80% of a total variance explanation, flag for auditor review — this pattern appears in many restatement cases (channel stuffing, bill-and-hold).
+
+---
+
+## Restatement-Risk Trigger Catalog
+
+Flag these patterns as risk indicators requiring internal audit or external auditor review:
+
+| Trigger | Pattern | Associated Standard |
+|---|---|---|
+| Revenue recognition cutoff | Spike in deferred revenue or unearned at period-end; large reversals in subsequent period | ASC 606-10-25-23 |
+| Channel stuffing | Revenue increase concentrated in last two weeks of period with high return rates | ASC 606-10-25-1(e) collectability |
+| Bill-and-hold | Physical goods revenue recognized without customer possession or control | ASC 606-10-55-83 through 55-84 |
+| Improper capitalization | Unusual decrease in operating expense correlated with unusual increase in capex | ASC 340-40, ASC 730 |
+| One-time items misclassified | Operating income improved significantly but pre-tax income did not → items below the line? | S-K 303 materiality |
+| FX timing games | Revenue spike correlated with period-end FX rate movements | ASC 830 functional currency |
+| Segment recast | Business unit results improve markedly in a quarter when segment definitions changed | ASC 280-10 |
+
+---
+
+## Mandatory Advisory Note
+
+Every output from this agent must end with:
+
+> **Advisory**: This draft is advisory and based solely on the data and descriptions provided. It does not constitute authoritative financial guidance, legal advice, or a professional opinion. Final disclosure language requires CFO certification, Disclosure Committee review, and approval from legal counsel and external auditors before filing with the SEC or any regulatory body. Forward-looking statements require specific safe-harbor language under the Private Securities Litigation Reform Act (PSLRA).

package/skills/finance/variance-analysis-advisor/metadata.json

@@ -0,0 +1,12 @@
+{
+  "id": "variance-analysis-advisor",
+  "name": "Variance Analysis Advisor Skill",
+  "type": "skill",
+  "category": "finance",
+  "version": "0.1.0",
+  "author": "github: Raishin",
+  "lifecycle": "experimental",
+  "path": "skills/finance/variance-analysis-advisor",
+  "description": "Complete variance decomposition framework and SEC Reg S-K Item 303 MD&A commentary guidance. Includes driver decomposition methodology, MD&A structural requirements with regulatory citations, restatement-risk triggers, sensitivity templates, and materiality threshold guidance.",
+  "companion_agents": ["finance-variance-analysis-advisor-agent"]
+}

package/skills/finance/working-capital-advisor/README.md

@@ -0,0 +1,23 @@
+# Working Capital Advisor Skill
+
+Multi-jurisdiction reference framework for working capital management, cash conversion cycle optimization, accounts receivable and payable management, inventory management, cash forecasting, and working capital financing structures.
+
+## Coverage
+
+- **Cash conversion cycle (CCC):** DIO + DSO − DPO formula; industry benchmark matrix (manufacturing, retail, technology, healthcare, construction, food & beverage, professional services); improvement levers by component
+- **Accounts receivable management:** Credit policy framework; AR aging analysis methodology (IFRS 9 ECL simplified approach; ASC 326 CECL); factoring structures (recourse vs. non-recourse); invoice discounting; AR securitization (SPV consolidation under IFRS 10 / ASC 810)
+- **Receivables derecognition:** IFRS 9 §3.2 risks-and-rewards then control test; ASC 860-10-40-5 isolation + rights + effective control test; SPPI test for amortized cost classification; key divergences between standards
+- **Accounts payable optimization:** Payment term extension (EU Late Payment Directive 2011/7/EU; Japan Subcontracting Act; India MSMED Act; Australia Payment Times Reporting Act); supply chain finance / reverse factoring structures (Taulia, PrimeRevenue, C2FO, Kyriba); dynamic discounting; IAS 7.44A–44D disclosure requirements (effective 2024); ASU 2022-04 disclosures; classification as trade payable vs. financing liability
+- **Inventory management:** EOQ formula; safety stock calculation with service level factors; ABC analysis framework; IFRS (IAS 2 — FIFO / weighted average; no LIFO) vs. US GAAP (ASC 330 — LIFO permitted) inventory valuation comparison; inventory turnover and DIO metrics
+- **13-week rolling cash flow forecasting:** Direct method structure (receipts and disbursements); IAS 7 vs. ASC 230 classification of interest paid/received, dividends; common forecasting failure modes
+- **Working capital financing:** ABL borrowing base mechanics (advance rates, eligibility criteria); receivables financing structures (factoring, securitization, pledged AR, invoice discounting); supply chain finance platforms; trade finance instruments (LC/UCP 600, documentary collections/URC 522, forfaiting)
+- **Working capital release programs:** Diagnostic framework; target setting by component; cash release estimation formulas (DSO/DPO/DIO days × revenue or COGS / 365)
+- **APAC-specific considerations:** China (SAFE; e-invoicing Fapiao); Japan (Subcontracting Act; densai); India (MSMED Act 45-day payment rule; GST timing); Australia (Payment Times Reporting Act 2020); Singapore (MAS / SGX)
+
+## Companion Agent
+
+`finance-working-capital-advisor-agent`
+
+## Standards Cited
+
+IAS 2, IAS 7 (incl. 2024 supplier finance amendments — IAS 7.44A–44D), IFRS 9 (§3.2 derecognition; §5.5 ECL), IFRS 10, ASC 230, ASC 326 (CECL), ASC 330, ASC 860, ASU 2022-04 (supplier finance disclosures), ASU 2015-11 (LCNRV), EU Late Payment Directive 2011/7/EU, ICC UCP 600, ICC URC 522, Japan Subcontracting Act, India MSMED Act 2006, Australia Payment Times Reporting Act 2020