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"What should I bring to an interview?"

It's a good idea to bring a few key items to an interview to help you prepare and make a good impression. These might include: A copy of your resume and any other relevant documents, such as references or writing samples. A portfolio or sample of your work, if applicable. A list of questions to ask the interviewer. A notebook and pen to take notes. Directions to the interview location and contact information for the interviewer, in case you get lost or there is a delay.

How should I address the interviewer?

It's generally a good idea to address the interviewer by their professional title and last name, unless they specify otherwise. For example, you could say "Mr./Ms. Smith" or "Dr. Jones."

66 Game-Changing IFRS interview questions - Answers Included

Dec 14, 2022by Eduyush Team

Are you preparing for an upcoming IFRS interview?

This article will provide and answer 66 most asked IFRS questions to help you prepare for your upcoming IFRS interview. With the right preparation and understanding of the IFRS, you’ll be well on your way to acing your IFRS interview.

Are you looking to land an IFRS job? Preparing for an IFRS interview can be intimidating, especially if you’re unfamiliar with the International Financial Reporting Standards (IFRS).

Read and print this article now and get started on preparing for your successful IFRS interview.

We also recommend taking an AICPA IFRS certification to boost your chances of getting hired.

We have also published 10 of the top IFRS questions which you can watch, if you prefer to read, simply scroll below to get all our IFRS questions

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IFRS interview questions

IFRS General

1. What is the primary purpose of IFRS?

The primary purpose of IFRS is to provide a set of standardised accounting principles and practices used for preparing financial statements by companies around the world. These standards are designed to improve the comparability and transparency of financial statements, which helps users of financial information, such as investors, make informed decisions.

2. How is IFRS different from generally accepted accounting principles (GAAP)?

IFRS and GAAP are accounting standards used in different parts of the world. IFRS is used in over 120 countries, while GAAP is primarily used in the United States. While both sets of standards are designed to promote the reliability and transparency of financial statements, there are some differences between the two, including differences in specific accounting rules and practices.

3. How does the adoption of IFRS impact a company's financial statements?

Adopting IFRS can significantly impact a company's financial statements, as it may require changing how it prepares and presents its financial information. This can include changes to the way assets and liabilities are valued and changes to how revenues and expenses are recognised. The impact of these changes will depend on the specific circumstances of the company and the differences between the IFRS standards and the standards the company was previously using.

4. Can a company use IFRS for some financial statements and US GAAP for others?

No, a company cannot choose to use IFRS for some financial statements and USGAAP (Generally Accepted Accounting Principles) for others. IFRS and GAAP are the two most commonly used sets of accounting standards worldwide, and companies must choose to use one or the other when preparing their financial statements.
In some cases, companies may be required by law to use a particular set of accounting standards, such as IFRS or GAAP, but they cannot mix and match the two.
It is worth noting that while IFRS and GAAP are the two most widely used accounting standards, there are other accounting standards that companies may choose to use in some cases.
For example, some countries have national accounting standards that companies operating in those countries may be required to use. However, the ability to use different accounting standards is generally limited to specific circumstances, and companies must choose to use different standards for different financial statements.

5. How does IFRS differ from other accounting standards, such as GAAP?

IFRS and GAAP (Generally Accepted Accounting Principles) are accounting standards, but they have some key differences. IFRS is a global set of standards used by companies in over 100 countries, whereas GAAP is a set of standards that companies in the United States primarily use.
IFRS also tends to be more principles-based, providing broad guidelines for preparing financial statements.
In contrast, GAAP is more rules-based and provides specific guidance on accounting for different transactions and events.

6. Can you explain the concept of other comprehensive income (OCI) and how it is presented in the financial statements under IFRS?"

Other comprehensive income (OCI) is a category of income or expenses that are not recognized in the profit or loss for a period but are recognized in equity. These items may include changes in the fair value of financial instruments, changes in the value of available-for-sale financial assets, and actuarial gains and losses on defined benefit pension plans. OCI is presented in a separate section of the statement of comprehensive income, a financial statement that presents a company's total comprehensive income for a period. Comprehensive income is the sum of profit or loss and OCI. OCI is essential because it helps provide a complete picture of a company's financial performance and position.

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Conceptual framework under IFRS

1. Can you describe the purpose of the IFRS conceptual framework?

The IFRS conceptual framework is a set of guidelines that provides a common foundation for developing financial reporting standards. It is designed to assist the International Accounting Standards Board (IASB) in developing standards that are based on consistent principles and that provide relevantly, reliable, and comparable financial information to users of financial statements. The conceptual framework also helps to ensure that the IASB's standards are internally consistent and based on a logical structure.

2. Can you explain the fundamental qualitative characteristics of financial information according to the IFRS conceptual framework?

According to the IFRS conceptual framework, the fundamental qualitative characteristics of financial information are relevance, reliability, and comparability. Relevance refers to the ability of financial information to make a difference in users' decisions. Reliability refers to the trustworthiness of financial information, including its freedom from bias and the accuracy and completeness of the information provided. Comparability refers to comparing financial information across different entities and over time.

3. How does the IFRS conceptual framework address the conceptual overlap between different financial reporting standards?

The IFRS conceptual framework helps address the issue of conceptual overlap between different financial reporting standards by providing a common foundation for developing financial reporting standards. It outlines the fundamental concepts that should be considered when developing standards, which helps to ensure that the standards are based on consistent principles and are internally consistent. This helps to minimize the risk of conceptual overlap between different standards and ensures that financial information is relevant, reliable, and comparable.

4. Can you explain the concept of materiality in the context of financial reporting?

Materiality refers to the concept that financial information is only relevant to the extent that it could influence users' decisions regarding financial statements. In other words, if the information is not material, it needs to be more critical to affecting users' decisions and therefore does not need to be disclosed. Materiality is a relative concept and is determined based on the size and nature of the entity, the specific circumstances of the entity, and the needs of the users of the financial statements.

5. Can you describe the principle of substance over form in the context of financial reporting?

The principle of substance over form is that financial statements should reflect the economic substance of transactions and events rather than their legal form. This means that financial statements should reflect the underlying economic reality of a transaction or event rather than its legal form. For example, suppose a company enters into a transaction structured as a loan but has the economic characteristics of an equity investment. In that case, the transaction should be accounted for as an equity investment rather than a loan.

6. Can you explain the going concern concept in the context of financial reporting?

The going concern concept is the assumption that a business will continue to operate in the future and will not be forced to liquidate its assets or go bankrupt. This concept is vital in financial reporting, affecting how a company's financial statements are prepared. If there are significant doubts about a company's ability to continue as a going concern, this must be disclosed in the financial statements. Factors that may raise doubts about a company's ability to continue as a going concern include:

Significant financial losses.
Insufficient liquidity to meet short-term obligations.
A lack of a viable long-term business plan.

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IAS 1 Interview questions

1. How does IAS 1 define the concept of materiality in the preparation of financial statements?

Materiality in the preparation of financial statements is defined as the magnitude of an omission or misstatement of financial information that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. This is determined by considering the size and nature of the entity and the context in which the financial statements are presented.

2. What are the minimum components of the statement of financial position according to IAS 1?

The minimum components of the statement of financial position, according to IAS 1, are assets, liabilities, and equity. Assets are resources controlled by the entity due to past events and are expected to provide future economic benefits. Liabilities are present obligations of the entity that result from past events and are expected to be settled in the future. Equity represents the residual interest in the entity's assets after deducting liabilities.

3. How should an entity present changes in its equity in the statement of changes in equity as required by IAS 1?

Changes in equity should be presented in the equity statement as required by IAS 1. This statement should show the changes in equity for the period, presenting separately changes resulting from profits or losses, changes in the surplus resulting from transactions with owners, and changes resulting from other comprehensive income.

4. How does IAS 1 address the presentation of comparative information in financial statements?

IAS 1 requires comparative information to be presented in financial statements, except the first financial statements of a newly created entity. Comparative information should be presented for the preceding period for all amounts reported in the current period's financial statements. This helps users to identify trends and make informed judgments about the entity's financial performance and position.

IAS 12 Taxes Interview questions

1. What is the scope of IAS 12, and which entities does it apply to?

IAS 12 is an International Accounting Standard (IAS) that guides income taxes recognition, measurement, and presentation. It applies to all entities that prepare financial statements under International Financial Reporting Standards (IFRS), regardless of their size or industry.

2. How does IAS 12 define income taxes?

Answer: Income taxes are defined as taxes based on the taxable profits of an entity. IAS 12 includes both current taxes, which are taxes payable on the taxable profits of the current period, and deferred taxes, which are taxes payable or recoverable in future periods in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases.

3. How does IAS 12 require income taxes to be recognised?

Answer: IAS 12 requires income taxes to be recognised in the income statement, except to the extent that they relate to items recognised in other comprehensive income or directly in equity. Current taxes are recognised as an expense when the related revenue is earned. Deferred taxes are recognised using the liability method, which means that deferred tax liabilities are recognised for all temporary taxable differences, and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

4. How does IAS 12 determine the number of deferred tax assets and liabilities?

Answer: The number of deferred tax assets and liabilities is determined based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using the tax rates that are expected to apply to the periods in which the deferred tax assets or liabilities are settled or realised.

5. How does IAS 12 present income taxes in the financial statements?

Answer: IAS 12 requires entities to present current tax expenses as a separate line item in the income statement. Deferred tax assets and liabilities should be presented as separate line items in the balance sheet, with a note disclosing the nature and amount of the temporary differences that give rise to the deferred tax assets and liabilities, as well as the tax rates used to calculate them.

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IAS 16, "Property, Plant, and Equipment," Interview Questions

1. What is the primary purpose of IAS 16?

The primary purpose of IAS 16 is to guide the recognition, measurement, and disclosure of property, plant, and equipment (PPE) in financial statements. This includes guidance on determining the initial cost of PPE, allocating that cost over the asset's useful life, and determining the asset's residual value.

2. How does IAS 16 define property, plant, and equipment?

According to IAS 16, property, plant, and equipment are tangible assets expected to be used to produce or supply goods or services, for rental to others, or for administrative purposes over time. Examples of PPE include buildings, machinery, and vehicles.

3. How is the initial cost of an asset determined under IAS 16?

The initial cost of an asset under IAS 16 includes all costs directly incurred in acquiring and preparing the asset for its intended use. This includes the purchase price of the asset, as well as any costs associated with transporting the asset to its location, installing it, and making it ready for use.

4. How is the useful life of an asset determined under IAS 16?

The useful life of an asset under IAS 16 is the period over which it is expected to be used by the entity. This period may be based on the asset's physical characteristics, legal or other limits on its use, or the entity's expected use of the asset.

5. How is the residual value of an asset determined under IAS 16?

The residual value of an asset under IAS 16 is the estimated amount that an entity would obtain from disposing of the asset, after deducting the estimated disposal costs, if the asset were already of age and in the expected condition at the end of its useful life. The residual value determines the depreciation charge for an asset over its useful life.

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IAS 21, "The Effects of Changes in Foreign Exchange Rates:" Interview Questions and answers

1. What is the primary purpose of IAS 21?

The primary purpose of IAS 21 is to guide how to account for transactions and balances denominated in a foreign currency in the financial statements of an entity. This includes guidance on translating foreign operations financial statements into the entity's reporting currency and recognising and measuring the effects of changes in foreign exchange rates on transactions and balances denominated in a foreign currency.

2. How does IAS 21 define a foreign currency?

According to IAS 21, a foreign currency is any other than the entity's reporting currency. The reporting currency is the currency in which the entity's financial statements are presented.

3. How does IAS 21 require transactions denominated in a foreign currency to be recognised in the financial statements?

IAS 21 requires transactions denominated in a foreign currency to be recognised in the financial statements by translating the foreign currency amount into the entity's reporting currency at the exchange rate at the date of the transaction. Any resulting exchange differences are recognised in the profit or loss for the period.

4. How does IAS 21 require balances denominated in a foreign currency to be recognised in the financial statements?

IAS 21 requires balances denominated in a foreign currency to be recognised in the financial statements by translating the foreign currency amount into the entity's reporting currency at the exchange rate at the end of the reporting period. Any resulting exchange differences are recognised in the profit or loss for the period.

5. How does IAS 21 require the financial statements of a foreign operation to be translated into the entity's reporting currency?

IAS 21 requires the financial statements of a foreign operation to be translated into the entity's reporting currency using the exchange rate at the end of the reporting period. The resulting exchange differences are recognised in a separate equity component rather than in the profit or loss for the period.

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IAS 36 Impairment of Assets:" Interview questions with answers:

1. What is the primary purpose of IAS 36?

The primary purpose of IAS 36 is to guide how to recognise and measure impairments of assets. Impairment occurs when the carrying amount of an asset exceeds its recoverable amount, which is the higher of its net selling price and value in use.

2. How does IAS 36 require an impairment to be recognised?

According to IAS 36, impairment should be recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss is the difference between the asset's carrying amount and its recoverable amount. The impairment loss should be recognised in the profit or loss for the period.

3. How does IAS 36 define the recoverable amount of an asset?

The recoverable amount of an asset under IAS 36 is higher than its net selling price and value in use. The net selling price is the amount an entity would obtain from disposing of the asset after deducting the estimated disposal costs. The value in use is the present value of the expected future cash flows from the asset, discounted at a rate that reflects the risks associated with those cash flows.

4. How does IAS 36 require an impairment loss to be reversed?

Suppose the carrying amount of an asset increases due to an event or a change in circumstances, and the increase can be objectively related to the asset. In that case, any previously recognised impairment loss should be reversed to the extent that it does not exceed the carrying amount that would have been determined had the asset not been impaired. The reversal of the impairment loss should be recognised in the profit or loss for the period.

5. How does IAS 36 require impairment testing to be performed?

According to IAS 36, impairment testing should be performed at least annually or more frequently if there are indicators of impairment. An impairment indicator is a sign that the carrying amount of an asset may exceed its recoverable amount. Examples of impairment indicators include:

A significant decline in the asset's market value.
A significant change in the way the asset is used.
A significant change in the market or economic conditions in which the asset is used.

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IAS 37 Provisions, Contingent Liabilities and Contingent Assets:" Interview questions with answers:

1. What is the primary purpose of IAS 37?

The primary purpose of IAS 37 is to guide recognising, measuring, and disclosing of provisions, contingent liabilities, and contingent assets in financial statements. A provision is a liability that an entity has a present legal or constructive obligation to settle that can be estimated reliably. A contingent liability is a possible obligation that arises from past events, the settlement of which is uncertain. A contingent asset is a possible asset that arises from past events, the realisation of which is uncertain.

2. How does IAS 37 define a provision?

According to IAS 37, a provision is a liability that an entity has a present legal or constructive obligation to settle that can be estimated reliably. A present legal obligation is a duty imposed on an entity by law, and a present constructive obligation is a duty that arises from the entity's actions or inactions, even if it is not legally enforceable.

3. How does IAS 37 require a provision to be recognised?

IAS 37 requires a provision to be recognised if the entity has a present legal or constructive obligation to settle the liability and if it is probable that an outflow of resources embodying economic benefits will be required to settle the liability. The provision should be measured at the best estimate of the amount required to settle the liability, considering the risks and uncertainties associated with the liability.

4. How does IAS 37 require a contingent liability to be recognised?

According to IAS 37, a contingent liability should be recognised if it is probable that an outflow of resources embodying economic benefits will be required to settle the liability. The amount of the contingent liability should be measured at the best estimate of the amount required to settle the liability, taking into account the risks and uncertainties associated with the liability.

5. How does IAS 37 require a contingent asset to be recognised?

IAS 37 requires a contingent asset to be recognised if it is probable that an inflow of economic benefits will be received. The inflow of economic benefits should be measured at the best estimate of the amount expected to be received, considering the risks and uncertainties associated with the contingent asset. Contingent assets are not recognised in the financial statements. However, if the inflow of economic benefits is virtually inevitable, the asset should be recognised, and the resulting gain should be recognised in the profit or loss for the period.

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IAS 38 Intangible Assets:" Interview questions with answers:

1. What is the primary purpose of IAS 38?

The primary purpose of IAS 38 is to guide in recognising, measuring, and disclosing intangible assets in financial statements. Intangible assets are non-monetary assets that do not have physical substance and are not financial instruments. Examples of intangible assets include patents, trademarks, and copyrights.

2. How does IAS 38 define an intangible asset?

According to IAS 38, an intangible asset is an identifiable non-monetary asset that does not have physical substance and is not a financial instrument. An intangible asset is identifiable if it arises from contractual or other legal rights or can be separated from the entity and sold, transferred, licensed, rented, or exchanged.

3. How is the initial cost of an intangible asset determined under IAS 38?

The initial cost of an intangible asset under IAS 38 includes all costs directly incurred in acquiring the asset and preparing it for its intended use. This includes the purchase price of the asset, as well as any costs associated with evaluating the feasibility of the asset, researching and developing the asset, and registering the asset.

4. How is the useful life of an intangible asset determined under IAS 38?

The useful life of an intangible asset under IAS 38 is the period over which it is expected to generate economic benefits for the entity. This period may be based on the asset's legal or other limits on its use, the entity's expectations about the period over which the asset will generate economic benefits, or the length of time that similar assets have generated economic benefits for other entities in the same or similar industries.

5. How is the amortisation of an intangible asset calculated under IAS 38?

According to IAS 38, the amortisation of an intangible asset should be recognised as an expense in the profit or loss for the period. The amortisation charge should be calculated using the straight-line method unless another systematic and rational method is more representative of the pattern in which the asset's economic benefits are consumed. The amortisation charge should be calculated by dividing the asset's initial cost by its useful life.

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IFRS 2 Share-based Payment:"Interview questions with answers:

1. What is the primary purpose of IFRS 2?

The primary purpose of IFRS 2 is to guide how to account for share-based payment transactions, in which an entity receives goods or services from a supplier in exchange for equity instruments, such as shares or share options.

2. How does IFRS 2 define a share-based payment transaction?

According to IFRS 2, a share-based payment transaction is a transaction in which an entity receives goods or services from a supplier in exchange for equity instruments. The equity instruments may be shares or share options issued by the entity or instruments issued by a related party, such as a parent or subsidiary.

3. How does IFRS 2 require a share-based payment transaction to be recognised?

IFRS 2 requires a share-based payment transaction to be recognised as an expense in the profit or loss for the period in which the goods or services are received. The expense should be measured at the fair value of the goods or services received, determined at the date of the transaction.

4. How does IFRS 2 require the fair value of a share-based payment to be determined?

According to IFRS 2, the fair value of a share-based payment should be determined using a valuation model that considers the share-based payment's terms and conditions and market conditions at the time of the transaction. The fair value of share options should be determined using a valuation model such as the Black-Scholes model.

5. How does IFRS 2 require the vesting period of a share-based payment to be considered?

IFRS 2 requires the vesting period of a share-based payment to be considered when measuring the expense. The vesting period is the period over which the recipient of the share-based payment is required to satisfy certain conditions, such as completing a certain number of service periods or meeting specific performance targets, to be entitled to receive the equity instruments. The expense should be recognised over the vesting period on a straight-line basis unless the vesting period is proportional to the service the employee is expected to render.

IFRS 15 Revenue from Contracts with Customers:" Interview questions with answers:

Read our detailed IFRS 15 blog on interview questions

1. What is the scope of IFRS 15, and which entities does it apply to?

IFRS 15 is an International Financial Reporting Standard (IFRS) that guides how to recognise, measure, present, and disclose revenue from customer contracts. It applies to all entities that enter into contracts with customers to transfer goods or services, regardless of their size or industry.

2. How does IFRS 15 define a contract with a customer?

A contract with a customer is defined as an agreement between two or more parties that creates enforceable rights and obligations. According to IFRS 15, a contract exists when the parties have approved the terms of the agreement and are committed to performing their respective obligations.

3. How does IFRS 15 require revenue to be recognised?

IFRS 15 requires revenue to be recognised when it is probable that the economic benefits associated with the contract will flow to the entity and the entity has fulfilled (or partially fulfilled) its obligations under the contract. The amount of revenue recognised should reflect the consideration to which the entity expects to be entitled in exchange for transferring goods or services to the customer.

4. What is the five-step model for recognising revenue under IFRS 15?

The five-step model for recognising revenue under IFRS 15 consists of the following steps:

Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

5. How does IFRS 15 address the allocation of consideration to performance obligations in a contract?

IFRS 15 requires entities to allocate the transaction price to each performance obligation in a contract on a relative standalone selling price basis. The standalone selling price is the price at which an entity sells a good or service separately to a customer. The entity should use a reasonable proxy if the standalone selling price cannot be determined. The allocation of the transaction price to each performance obligation should be based on the proportion of the standalone selling price to the total standalone selling price of all goods or services in the contract.

IFRS 16 Leases Interview questions with answers:

Read our detailed IFRS 16 blog on interview questions

1. What is the scope of IFRS 16, and which entities does it apply to?

IFRS 16 is an International Financial Reporting Standard (IFRS) that guides how to recognise, measure, present, and disclose leases. It applies to all entities that enter into leases as lessees, regardless of their size or industry. IFRS 16 replaces the previous leasing standard, IAS 17, and is effective for annual periods beginning on or after January 1, 2019.

2. How does IFRS 16 define a lease?

A lease is defined as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for some time in exchange for consideration. According to IFRS 16, a lease exists when the parties have approved the terms of the agreement and are committed to performing their respective obligations.

3. How does IFRS 16 require leases to be recognised?

Answer: IFRS 16 requires leases to be recognised on the balance sheet as a lease liability and a right-of-use asset. The lease liability represents the present value of the future lease payments, while the right-of-use asset represents the amount of the lease liability that has been paid off. The right-of-use asset is depreciated over the lease term, and the lease payments are recognised as an expense in the income statement.

4. How does IFRS 16 determine the lease liability and right-of-use asset?

Answer: The lease liability is determined by discounting the future lease payments at the lessee's incremental borrowing rate. The right-of-use asset is equal to the lease liability minus any upfront lease payments that have been paid. The upfront lease payments are recognised as a reduction of the right-of-use asset.

5. How does IFRS 16 address leases with variable lease payments?

Answer: IFRS 16 requires lessees to include all variable lease payments that depend on an index or a rate in the measurement of the lease liability unless the variable payment is insignificant. Variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which they are incurred.

IFRS 9 Financial Instruments Interview questions with answers:

Read our detailed IFRS 9 blog on interview questions

1. What is the scope of IFRS 9, and which entities does it apply to?

IFRS 9 is an International Financial Reporting Standard (IFRS) that provides guidance on the classification and measurement of financial instruments and the recognition and derecognition of financial assets and liabilities. It applies to all entities that report under IFRS, regardless of their size or industry. IFRS 9 replaces the previous financial instruments standard, IAS 39, and is effective for annual periods beginning on or after January 1, 2018.

2. How does IFRS 9 classify financial instruments?

IFRS 9 requires financial instruments to be classified into one of three categories: amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVPL). The classification is based on the entity's business model for managing the financial instrument and the contractual cash flow characteristics.

3. How does IFRS 9 measure financial instruments?

The measurement of financial instruments depends on their classification under IFRS 9. Amortised cost instruments are measured at their amortised cost, the net present value of the future cash flows discounted at the instrument's effective interest rate. FVOCI instruments are measured at fair value, with any changes in fair value recognised in other comprehensive income. FVPL instruments are also measured at fair value, with any changes in fair value recognised in profit or loss.

4. How does IFRS 9 recognise and derecognise financial assets and liabilities?

IFRS 9 requires financial assets and liabilities to be recognised on the balance sheet when the entity becomes a party to the contractual provisions of the instrument. A financial asset or liability is derecognised when the contractual rights to the cash flows from the asset expire, or the entity substantially transfers the asset and retains all the risks and rewards of ownership.

5. How does IFRS 9 address the impairment of financial assets?

Answer: IFRS 9 requires entities to assess the credit risk of their financial assets and recognise an impairment loss if there is objective evidence that the asset is impaired. The impairment loss is measured as the difference between the asset's carrying amount and the present value of the expected future cash flows discounted at the asset's original effective interest rate. The impairment loss reduces the asset's carrying amount, which is recognised as profit or loss.

Summing up

The use of IFRS is required or permitted in over 140 countries worldwide, and provides companies with a common framework for reporting financial information.

If you're looking to learn more about IFRS, the AICPA offers an IFRS certificate program, as well as ACCA DIPIFR. With these programs, you can develop global accounting skills and showcase your expertise to potential employers.

Back to Interview Questions

Interview Questions? Answers.

It's important to dress professionally for an interview. This usually means wearing a suit or dress pants and a button-down shirt for men, and a suit or a dress for women. Avoid wearing too much perfume or cologne, and make sure your clothes are clean and well-maintained.

It's best to arrive at least 15 minutes early for the interview. This allows you time to gather your thoughts and compose yourself before the interview begins. Arriving too early can also be disruptive, so it's best to arrive at the designated time or a few minutes early.

It's a good idea to bring a few key items to an interview to help you prepare and make a good impression. These might include:

A copy of your resume and any other relevant documents, such as references or writing samples.
A portfolio or sample of your work, if applicable.
A list of questions to ask the interviewer.
A notebook and pen to take notes.
Directions to the interview location and contact information for the interviewer, in case you get lost or there is a delay.

t's generally not appropriate to bring a friend or family member to an interview, unless they have been specifically invited or are necessary for accommodation purposes.

If you are running late for an interview, it's important to let the interviewer know as soon as possible. You can try calling or emailing to let them know that you are running behind and to give an estimated arrival time.

If possible, try to give them a good reason for the delay, such as unexpected traffic or a last-minute change in your schedule. It's also a good idea to apologize for the inconvenience and to thank them for their understanding.

It's generally a good idea to address the interviewer by their professional title and last name, unless they specify otherwise. For example, you could say "Mr./Ms. Smith" or "Dr. Jones."

Yes, it's perfectly acceptable to ask about the company's culture and benefits during the interview. In fact, it's often a good idea to ask about these things to get a better sense of whether the company is a good fit for you. Just make sure to keep the focus on the interview and not get too far off track.

It's okay to admit that you don't know the answer to a question. You can try to respond by saying something like: "I'm not sure about that specific answer, but I am familiar with the general topic and would be happy to do some research and get back to you with more information."

Alternatively, you can try to answer the question by using your own experiences or knowledge to provide context or a related example.

It's generally best to wait until you have received a job offer before discussing salary and benefits.

If the interviewer brings up the topic, you can respond by saying something like: "I'm open to discussing salary and benefits once we have established that we are a good fit for each other. Can you tell me more about the overall compensation package for this position?"

It's important to remember that employers are not allowed to ask questions that discriminate on the basis of race, religion, national origin, age, disability, sexual orientation, or other protected characteristics. If you are asked an illegal question, you can try to redirect the conversation back to your qualifications and skills for the job.

For example, you might say something like: "I'm not comfortable answering that question, but I am excited to talk more about my skills and experiences that make me a strong fit for this position."

It's okay to admit that you don't understand a question and to ask for clarification. You can try saying something like: "I'm sorry, I'm not sure I fully understand the question. Could you please clarify or provide some more context?"

At the end of the interview, thank the interviewer for their time and express your interest in the position. You can also ask about the next steps in the hiring process and when you can expect to hear back. Finally, shake the interviewer's hand and make sure to follow up with a thank-you note or email after the interview.