Head/VP/GM-Finance/Audit

Head/VP/GM-Finance/Audit Interview Questions and Answers

Updated 16 Jul 2021

Q1. What is the recent merger and acquisition in India

Ans.

The recent merger and acquisition in India is the acquisition of Future Group by Reliance Industries.

  • Reliance Industries acquired Future Group's retail, wholesale, logistics, and warehousing businesses for $3.4 billion.

  • This acquisition will strengthen Reliance's position in the retail market and expand its presence across India.

  • The deal faced legal challenges from Amazon, which had a stake in one of Future Group's companies.

  • The acquisition was approved by the Competition Comm...read more

Q2. What is the libor rate and trend

Ans.

LIBOR is the London Interbank Offered Rate, a benchmark interest rate used globally.

  • LIBOR is used as a reference rate for various financial instruments such as loans, mortgages, and derivatives

  • It is calculated daily by the Intercontinental Exchange (ICE) based on submissions from a panel of banks

  • The trend of LIBOR has been decreasing since the financial crisis in 2008, and is set to be phased out by the end of 2021

  • The replacement for LIBOR is the Secured Overnight Financing R...read more

Q3. Difference between IFRS and IND-AS

Ans.

IFRS and IND-AS are both accounting standards, but IND-AS is based on IFRS with some modifications for Indian companies.

  • IFRS is used in over 100 countries, while IND-AS is used only in India.

  • IFRS is more principles-based, while IND-AS is more rules-based.

  • IFRS allows for more judgment and estimates, while IND-AS is more prescriptive.

  • IFRS has a single standard for revenue recognition, while IND-AS has separate standards for different industries.

  • IFRS has a different approach to ...read more

Q4. Lease accounting as per IND AS

Ans.

Lease accounting under IND AS involves recognizing lease assets and liabilities on the balance sheet.

  • Lease accounting under IND AS follows the principles of IFRS 16.

  • Lease assets and liabilities are recognized on the balance sheet.

  • Lease payments are split into principal and interest components.

  • Lease expenses are recognized on the income statement.

  • Disclosure requirements include lease term, discount rate, and lease payments.

  • Examples of leases include office space, vehicles, and...read more

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Q5. Recent changes in GST

Ans.

Recent changes in GST

  • The GST Council has made several changes to the GST rates and rules in recent times

  • The GST rate on several items has been reduced, such as on electric vehicles, hotel tariffs, and movie tickets

  • The GST return filing process has been simplified with the introduction of new forms

  • The GST Council has also introduced measures to curb tax evasion and improve compliance

  • The recent changes aim to make GST more taxpayer-friendly and boost economic growth

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