Head/VP/GM-Finance/Audit
Head/VP/GM-Finance/Audit Interview Questions and Answers
Q1. What is the recent merger and acquisition in India
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
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
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
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
Q5. Recent changes in GST
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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