Recruiter's Glossary

Examples: Audit Program • Test of Controls • Audit Evidence

IFRS

Term from Auditing industry explained for recruiters

IFRS (International Financial Reporting Standards) is a set of global accounting rules that many companies use to prepare their financial statements. Think of it as a universal financial language that helps companies report their money matters in a way that everyone can understand, no matter what country they're in. It's different from other systems like GAAP (used mainly in the USA), and accountants need to know these rules to help companies report their finances correctly. When you see IFRS mentioned in a resume, it means the person knows how to work with these international accounting standards.

Examples in Resumes

Prepared consolidated financial statements in accordance with IFRS

Led the transition from local accounting standards to IFRS for a multinational company

Conducted financial analysis and reporting under IFRS and International Financial Reporting Standards

Typical job title: "IFRS Accountants"

Also try searching for:

Financial Accountant Financial Reporting Specialist International Accountant Corporate Accountant Financial Analyst Accounting Manager Financial Controller

Where to Find IFRS Accountants

Professional Organizations

Job Boards

Professional Networks

Example Interview Questions

Senior Level Questions

Q: How would you manage the transition from local accounting standards to IFRS for a large company?

Expected Answer: A senior professional should discuss creating a transition plan, identifying key differences between standards, training staff, updating systems, and managing stakeholder communications throughout the process.

Q: How do you handle complex IFRS implementations like lease accounting or revenue recognition?

Expected Answer: Should demonstrate understanding of recent IFRS changes, ability to interpret complex standards, and experience in practical implementation including system changes and process updates.

Mid Level Questions

Q: What are the main differences between IFRS and local accounting standards?

Expected Answer: Should be able to explain key differences in financial reporting requirements, focusing on major areas like revenue recognition, leasing, and financial instruments.

Q: How do you ensure compliance with IFRS disclosure requirements?

Expected Answer: Should discuss review processes, documentation requirements, and understanding of what needs to be disclosed in financial statements under IFRS.

Junior Level Questions

Q: What are the basic principles of IFRS?

Expected Answer: Should be able to explain fundamental concepts like fair presentation, going concern, accrual basis, and materiality in simple terms.

Q: What are the main financial statements required under IFRS?

Expected Answer: Should identify and briefly explain the purpose of balance sheet, income statement, cash flow statement, and statement of changes in equity.