What is the IFRS system?
The IFRS system provides extensive rules when it comes to the following accounting categories:
• Statement of Financial Position: The IFRS system requires detailed information in the statement of financial position (commonly known as the balance sheet).
• Statement of Comprehensive Income: The standards provide guidelines on how to make a statement of comprehensive income, whether it’s a single statement or a profit or loss statement.
• Statement of Changes in Equity: This statement refers to the changes to your organization’s profits over a period of time, and IFRS provides guidelines on what statements should include.
• Statement of Cash Flow: The IFRS system requires this statement to include a summary of your financial transactions, separated into financing, operations and investing.
The importance of the Financial Accounting (IFRS) test
When hiring an accountant for your organization, you should ask applicants to complete an accounting assessment test, like our Financial Accounting (IFRS) test. This test will help you evaluate candidates and see if they’re skilled in the following financial tasks:
• Recording and documentation
• Classification and summarizing
• Reporting and presentation
• Interpretation and financial analysis
The test is ideal for any of the following roles:
• Account assistant
• Financial accountant
• Financial manager
• Any role that requires the candidate to know a lot when it comes to financial accounting.
The IFRS Financial Accounting test will assess your candidates’ understanding of key financial accounting responsibilities, such as writing balance sheets, income statements, cash flow, and owner’s equity.
The questions in the test measure the candidate’s experience and target practical application instead of theorizing. We want you to find a candidate who knows how to prepare your organization's books truthfully and fairly, will carry out complex accounting transactions and will ensure that all of the company's financial accounting is under IFRS guidelines.
Candidates who score well on this accounting assessment test will be skilled and experienced in financial accounting and have a strong grasp of IFRS.