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

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 comp...read more

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 ...read more

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 mo...read more

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 payme...read more

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 ...read more