You're interviewing for a Corporate Accounting position. What's the one thing you can't forget?

1 Why accounting standards matter

Accounting standards are the rules and principles that govern how financial information is recorded, reported, and audited. They ensure consistency, comparability, and reliability of financial statements across different entities and jurisdictions. They also reflect the economic reality and performance of the business and its transactions. Different industries and countries may have different accounting standards, such as GAAP (Generally Accepted Accounting Principles) in the US, IFRS (International Financial Reporting Standards) in most of the world, and industry-specific standards for banking, insurance, or manufacturing. As a corporate accountant, you need to be familiar with the accounting standards that apply to your industry and company, as they affect how you prepare, analyze, and communicate financial data.

4 How to handle accounting standards scenarios

In addition to questions, you may also be given scenarios or cases that require you to apply the accounting standards to a real-world situation. These could involve preparing, adjusting, or reviewing financial statements, reconciling differences between accounting standards, or evaluating accounting choices or implications. For example, you may have to prepare a consolidated financial statement for a group of companies that use different accounting standards, adjust a financial statement for a change in accounting policy, or assess the impact of a new accounting standard on a company's financial performance or position. To handle these scenarios effectively, you should first read the scenario carefully and identify the main issues or tasks involved. Then, gather the relevant information and data from the given sources or documents, apply the appropriate accounting standards and methods to the issues or tasks and perform the necessary calculations or adjustments. Afterwards, present your results or findings in a clear and concise manner, using tables, charts, or graphs if needed. Finally, explain your results or findings and justify your accounting choices or recommendations.

5 How to impress with accounting standards

Knowing and applying the accounting standards is not enough to ace your interview. You need to demonstrate your enthusiasm and interest in the industry and company, as well as show off your critical thinking and problem-solving skills. It is also important to display your communication and teamwork skills, as well as be confident and respectful. To stand out from the crowd, ask relevant questions, make logical connections, offer insights or suggestions, listen actively, speak clearly, collaborate effectively, acknowledge your strengths and weaknesses, admit your mistakes, and learn from feedback.