ifrs question

Glynis

I have got a job info sheet from an accountancy firm which says knowledge of IFRS essential. Now I did IFS in dfs study but want to know where I can get some good knowledge of this so I stand a chance of getting the job. Anyone have any idea.

taskey

http://www.iasb.org/Home.htm

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A-Vic

Hi Glynis having just sat the DFS exam i wouldnt say we have a great knowledge of IFRS and standards more so with the changes occuring with the reform of UK GAAP to move to international friendly standards. However if you wish to research them id recomend Clare Finches Kaplin standards book or even Steve Collins book.

Glynis

Thank you. I got those books for my DFS exam which I did in june but think this job want a detailed knowledge. I've looked at the link taskey but I struggle digestating it. Is there anything like steve or claires book which is specially aimed at practice work.

A-Vic

Have you searched the accounting web or the institute? they could have more info

Glynis

I will have a look tonight. I need something with examples so hopefully therell be something. Funny how you do all that revision for Dfs but its never enough.

A-Vic

Only touched on it really it seems an extensive subject for sure.

Steve Collings

Glynis,

Could I ask (if you don't mind) who the job is with? The reason is IFRS is not particularly common in the UK as yet - only PLC and 'AIM' listed entities are compelled to adopt IFRS. Other 'non-publicly accountable' entities (SMEs) can choose to use IFRS but very, very few have adopted it.

Kind regards
Steve

Glynis

Hello steve
It is working for a large firm - I haven't yet got the name because it is with another agency I am going seeing today. It says something about being in a M and A office . Havr you any idea what that is?
Looks very interesting is this something you will know about?

Steve Collings

Glynis wrote: »

Hello steve
It is working for a large firm - I haven't yet got the name because it is with another agency I am going seeing today. It says something about being in a M and A office . Havr you any idea what that is?
Looks very interesting is this something you will know about?

I would say 'M&A' stands for 'Mergers and Acquistions' where they would deal with two businesses who become one (a merger) or a business that acquires another business (an acquisition). Vast detailed knowledge of IFRS 3 would be needed if you are working in this area as would a detailed knowledge of fair value accounting as assets/liabilities acquired in a business combination would be valued at fair value.

I think if the position is an IFRS specialist working for a large firm then, as I mentioned in my previous post, the postholder would be required to deal with listed entities who report under IFRS. There is not that much difference between IFRS and UK GAAP currently. However an IFRS specialist in practice would be expected to have the theoretical "text book" style knowledge but this also would be backed up by practical experience as classroom-taught standards are sometimes not enough depending on the grading of the role.

Good luck with your application and keep us posted.

Kind regards

Steve

Glynis

Thankyou steve. I am seeing the agent at 10.30 so ill let you know.

Glynis

Well that appointment was a waste of time. I think these agencies invent jobs! I went in and spoke to the young lady who was very reluctant to give me the name of the firm who has the vacancy. She also said that my "skill set" was not appropriate for the position. How thje bloody hell does she know! When I asked if I could apply direct she would not give me the name so I don't think a job exists. They were liars!

Steve Collings

Hi Glynis,

Sorry to hear it didn't go according to plan. I am not sure how recruitment consultants work but if they think your skill set was not appropriate for the role, then maybe they might have a point. Working for a large firm in a role such as an IFRS specialist would be extremely demanding and (even though I have not seen the job description) I would expect that such a role would demand that you 'think on your feet' as I would expect it to be a very much client-facing position. I also believe that larger firms move at a fast pace so you would need to know your stuff.

I can see where the recruitment consultant is coming from in terms of not divulging their client details and I can also understand why recruitment consultants would not want to put candidates forward for a job they felt would be out of candidate's comfort zone. I do believe recruitment agencies do suffer fee clawbacks where candidates do not stay in a position for a specified period after appointment so they would want to make sure they put the best candidates forward - especially for a job in a larger firm of accountants.

I admire your determination in getting a practice related job, but I wouldn't work against the recruitment agencies. Have you tried writing off to some local firms to see if they have any vacancies?

Kind regards

steve