What financial reporting standards are you familiar with?

Sample answer to the question

I am familiar with GAAP and IFRS, which are the most commonly used financial reporting standards. I have experience preparing financial statements in accordance with these standards and have worked closely with auditors during the audit process. I also stay updated on any changes or updates to these standards to ensure compliance. Additionally, I have proficiency in using accounting software and various financial reporting tools.

A more solid answer

In addition to GAAP and IFRS, I am also familiar with other financial reporting standards such as the Generally Accepted Audit Standards (GAAS) and the International Auditing and Assurance Standards Board (IAASB) standards. I have experience preparing financial statements for different types of funds, including mutual funds and private equity funds. I am well-versed in the specific reporting requirements for these funds, such as the Investment Company Reporting Modernization rules for mutual funds. I have also implemented and monitored internal controls to ensure compliance with these standards and have trained junior fund accountants on the reporting requirements.

Why this is a more solid answer:

The solid answer expands on the basic answer by mentioning additional financial reporting standards (GAAS and IAASB) and specific reporting requirements for different types of funds. It also highlights experience implementing internal controls and training junior fund accountants.

An exceptional answer

In addition to GAAP, IFRS, GAAS, and IAASB standards, I am familiar with the US Securities and Exchange Commission (SEC) regulations and reporting requirements for investment funds. I have prepared Form PF filings for private equity funds and Form N-CEN filings for mutual funds. I am also knowledgeable about the Financial Accounting Standards Board (FASB) Accounting Standards Codification and have implemented the revenue recognition standards (ASC 606) for a fund. Furthermore, I have actively participated in industry conferences and workshops to stay updated on emerging financial reporting standards and best practices. I have shared my knowledge by conducting training sessions for colleagues on these standards.

Why this is an exceptional answer:

The exceptional answer goes beyond the solid answer by mentioning additional regulations and reporting requirements specific to investment funds (SEC regulations, Form PF, Form N-CEN). It also highlights experience implementing specific accounting standards (ASC 606) and demonstrating continued professional development through industry conferences and training sessions for colleagues.

How to prepare for this question

Research and familiarize yourself with the different financial reporting standards mentioned in the job description, including GAAP, IFRS, GAAS, IAASB, SEC regulations, and FASB Accounting Standards Codification.
Focus on understanding the specific reporting requirements for different types of funds, such as mutual funds and private equity funds. Familiarize yourself with rules, guidelines, and forms related to fund reporting, like Form PF and Form N-CEN.
Stay updated on the latest changes and updates to financial reporting standards by regularly reading industry publications, attending conferences, and participating in professional development opportunities.
Highlight any experience you have in implementing and monitoring internal financial controls and procedures to ensure compliance with financial reporting standards.
If you have provided training or conducted workshops on financial reporting standards, emphasize that experience during the interview.

What interviewers are evaluating

knowledge of financial reporting standards