NUASA Funaab Chapter

BEST INTERVIEW QUESTIONS TO ASK ACCOUNTING & FINANCE JOB APPLICANTS

Interviewing potential job candidates is a tough gig. Not only are you trying to find someone with the technical skills needed to get the job done, but you’re also looking for someone who can mesh well with the rest of the team. You’re looking for someone with sound ethics who works well under pressure and a dozen more desirable traits. So how do you ask questions that really get to the information you seek? You can ask about their biggest weakness or where they see themselves in five years, but those questions are trite, overused, and job candidates typically have well-rehearsed answers ready. Instead, check out the best interview questions to ask accounting and finance pros – and some ideas about the kind of answers you’re seeking. HOW DO YOU MINIMIZE THE RISK OF ERRORS IN YOUR WORK? Everyone makes mistakes, but small errors in accounting and finance can lead to significant financial issues. Accounting and finance professionals should have routines in place for double checking their work. WHAT ACCOUNTING SOFTWARE HAVE YOU USED IN THE PAST? No doubt about it: the accounting industry is in the midst of major change, most of that hinging on technology. Your job applicant doesn’t need to have experience using the particular set of software applications you use, but they should have some technological competence and a willingness to learn. WHAT IS THE DIFFERENCE BETWEEN AR AND AP ? This question will w**d out candidates who lack basic accounting knowledge. You’d be surprised at how many people apply for jobs and, on paper, have a decent amount of experience, but soon reveal themselves to be lacking the most basic technical skills. TELL ME A TIME YOU SET A CHALLENGEING GOAL AND WHAT YOU DID TO ACHIEVE IT. Many accounting and finance employers are moving away from measuring productivity by number of hours worked and moving toward results-driven measurements. You need someone who understands setting goals and systematically working toward them. Even if their answer includes personal goals, people who set goals in their personal life are more likely to set – and achieve – goals in their professional lives. WHAT KIND OF THINGS DO YOU NOT LIKE TO DO? This can be a tricky question, and you may have to ask it a few times in different ways to get an honest answer. But once you do, it can reveal a lot about whether the candidate is a good fit for the position. Does an applicant for an Accounts Receivable position dislike following up with customers? Does the candidate for a client-facing position hate small talk? Does your finance candidate dread digging into the details? These could be red flags if the tasks they dislike most are main components of the position. WHEN YOU HAVE COMPETING PRIORITIES, HOW DO YOU STRATEGIZE TO GET EVERYTHING DONE ON TIME ? Trying to juggle multiple deadlines and expectations is a given in the accounting and finance world. The applicant will need to be able to communicate with their supervisors to prioritize tasks and strategize to get work done on time. HOW DO YOU KEEP UP WITH CHANGES IN THE INDUSTRY ? Accounting and finance are ever-evolving due to new legislation, pronouncements, and standards. While it’s impossible for one person to keep up on everything happening in the industry, they should have some method for staying abreast of current changes. Do they subscribe to industry publications, read newsletters, or take part in continuing education and professional groups? If they make no personal effort to keep informed, it could be a sign that their professional growth has stagnated. Effective interviewers will have several questions in their arsenal to screen applicants, but don’t be afraid to go off script! Sometimes the most revealing aspects of an interview are uncovered during an off-the-cuff conversation. SOURCE: Blog.accountingprincipals.com

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SIGNED: NUASA Welfare Sec
: ACCA Envoy

NUASA P.R.O.
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STUDENT ACCOUNTANT'S DIARY📖📖📖

Season 1, Episode 1

DISCLAIMER🚷: All characters in this story do not exist.

On second day of resumption Toyeeb paid a visit to his bae in her hostel as usual.

TOYEEB: Ko! Ko!! Ko!!! [knocking].
HANNAH: Who is that?
TOYEEB: It's Toyeeb. Can I come in?

She rushed to turn the door knob🚪 and gave him a tight hug with a peck.

TOYEEB: Hello bae [using Falz's Voice].
HANNAH: I'm fine, howz you? [using Jennifer's tone]

She shot the door behind them and packed her DIARY on the reading table, while they both laid on the bed.

TOYEEB: My belle! I have missed you a lot.
HANNAH: Same here dear.
TOYEEB: How is this semester going to be.
HANNAH: That was what I was trying to draft on my diary before you came.
HANNAH: Toyeeb, pls dear! NUASA TWINEXCURSION is a must for me o. There is nothing that you can do for me in this whole session that will be tantamount to this EXCURSION nor satisfy my inner oliver twist
TOYEEB: Woww! We are like the debit and credit of accounting we are 💯% compatible. That was exactly what I wanted to tell you before you raised it.
TOYEEB: OK, but how much do you have [using rising tone]
HANNAH: #5,500! [using falling tone].
TOYEEB: Just 3k! Don't worry I will surely add it.

Without wasting time she gave him dozens of peck.

To Be Continued.....

TWINEXCURSION Features

A 3days Excursion (28th, 29th and 30thof July).

🔸Erin Ijesha waterfalls
🔹Susan Wenger Shrine
🔺Palace of Ooni of Ife
🔻Idanre Hills
🏒Oranmiyan Staff
🗼 Kiriji War Maseum
🔘 Get Together Parry
🚩Mr & Miss NUASA
🎂 May-Born& June-Born Birthday Celebration
🎮 KONAMI /FIFA Lord of NUASA
⚽ Football, Chess, AyoOlopon, Draft, Ludo etc

Powered by: NUASA Excos 15/16

NUASA P.R.O
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Summary of IFRS 16

objective:

IFRS 16 establishes principles for the recognition, measure­ment, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transac­tions. [IFRS 16:1]

Scope:

IFRS 16 Leases applies to all leases, including subleases, except for: [IFRS 16:3]
leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources;
leases of biological assets held by a lessee (see IAS 41 Agri­culture );
service concession arrangements (see IFRIC 12 Service Con­cession Arrangements );
licences of intellectual property granted by a lessor (see IFRS 15 Revenue from Contracts with Customers); and
rights held by a lessee under licensing agreements for items such as films, videos, plays, manuscripts, patents and copy­rights within the scope of IAS 38 Intangible Assets
A lessee can elect to apply IFRS 16 to leases of intangible assets, other than those items listed above. [IFRS 16:4]

Recognition exemptions:

Instead of applying the recognition requirements of IFRS 16 described below, a lessee may elect to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following two types of leases:
i) leases with a lease term of 12 months or less and contain­ing no purchase options – this election is made by class of underlying asset; and
ii) leases where the underlying asset has a low value when new (such as personal computers or small items of office furniture) – this election can be made on a lease-by-lease basis.
[IFRS 16:5, 6 & 8]

Identifying a lease:

A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. [IFRS 16:9]
Control is conveyed where the customer has both the right to direct the identified asset’s use and to obtain substantially all the economic benefits from that use. [IFRS 16:B9]
An asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being im­plicitly specified at the time it is made available for use by the customer.
However, where a supplier has a substantive right of substitu­tion throughout the period of use, a customer does not have a right to use an identified asset. A supplier’s right of substi­tution is only considered substantive if the supplier has both the practical ability to substitute alternative assets through­out the period of use and they would economically benefit from substitution. [IFRS 16:B13-14]
A capacity portion of an asset is still an identified asset if it is physically distinct (e.g. a floor of a building). A capacity or other portion of an asset that is not physically distinct (e.g. a capacity portion of a fibre optic cable) is not an identified asset, unless it represents substantially all the capacity such that the customer obtains substantially all the economic benefits from using the asset. [IFRS 16:B20]
Separating components of a contract
For a contract that contains a lease component and addi­tional lease and non-lease components, such as the lease of an asset and the provision of a maintenance service, lessees shall allocate the consideration payable on the basis of the relative stand-alone prices, which shall be estimated if ob­servable prices are not readily available.
As a practical expedient, a lessee may elect, by class of un­derlying asset, not to separate non-lease components from lease components and instead account for all components as a lease. [IFRS 16:13-15]
Lessors shall allocate consideration in accordance with IFRS 15 Revenue from Contracts with Customers.

Key definitions:

[IFRS 16: Appendix A]
Interest rate implicit in the lease
The interest rate that yields a present value of (a) the lease payments and (b) the unguaranteed residual value equal to the sum of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor.

Lease term:

The non-cancellable period for which a lessee has the right to use an underlying asset, plus:
a) periods covered by an extension option if exercise of that option by the lessee is reasonably certain; and
b) periods covered by a termination option if the lessee is reasonably certain not to exercise that option
Lessee’s incremental borrowing rate
The rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

Accounting by lessees

Upon lease commencement a lessee recognises a right-of-use asset and a lease liability. [IFRS 16:22]
The right-of-use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the lessee. Adjustments may also be required for lease incen­tives, payments at or prior to commencement and restora­tion obligations or similar. [IFRS 16:24]
After lease commencement, a lessee shall measure the right-of-use asset using a cost model, unless: [IFRS 16:29, 34, 35]
i) the right-of-use asset is an investment property and the lessee fair values its investment property under IAS 40 ; or
ii) the right-of-use asset relates to a class of PPE to which the lessee applies IAS 16 ’s revaluation model, in which case all right-of-use assets relating to that class of PPE can be revalued.
Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated impair­ment. [IFRS 16:30(a)]
The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily deter­mined. If that rate cannot be readily determined, the lessee shall use their incremental borrowing rate. [IFRS 16:26]
Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the lessee under residual value guarantees are also included. [IFRS 16:27(b),(c)]
Variable lease payments that are not included in the measure­ment of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs, unless the costs are included in the carrying amount of another asset under another Standard. [IFRS 16:38(b)
The lease liability is subsequently remeasured to reflect changes in: [IFRS 16:36]
the lease term (using a revised discount rate);
the assessment of a purchase option (using a revised discount rate);
the amounts expected to be payable under residual value guarantees (using an unchanged discount rate); or
future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate).
The remeasurements are treated as adjustments to the right-of-use asset. [IFRS 16:39]
Lease modifications may also prompt remeasurement of the lease liability unless they are to be treated as separate leases. [IFRS 16:36(c)]

Accounting by lessors:

Lessors shall classify each lease as an operating lease or a finance lease. [IFRS 16:61]
A lease is classified as a finance lease if it transfers substan­tially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. [IFRS 16:62]
Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are: [IFRS 16:63]
the lease transfers ownership of the asset to the lessee by the end of the lease term
the lessee has the option to purchase the asset at a price which is expected to be sufficiently lower than fair value at the date the option becomes exercisable that, at the inception of the lease, it is reasonably certain that the option will be exercised
the lease term is for the major part of the economic life of the asset, even if title is not transferred
at the inception of the lease, the present value of the minimum lease payments amounts to at least substantially all of the fair value of the leased asset
the leased assets are of a specialised nature such that only the lessee can use them without major modifications being made
Upon lease commencement, a lessor shall recognise assets held under a finance lease as a receivable at an amount equal to the net investment in the lease. [IFRS 16:67]
A lessor recognises finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment. [IFRS 16:75]
At the commencement date, a manufacturer or dealer lessor recognises selling profit or loss in accordance with its policy for outright sales to which IFRS 15 applies. [IFRS 16:71c)]
A lessor recognises operating lease payments as income on a straight-line basis or, if more representative of the pattern in which benefit from use of the underlying asset is dimin­ished, another systematic basis. [IFRS 16:81]
Sale and leaseback transactions
To determine whether the transfer of an asset is accounted for as a sale an entity applies the requirements of IFRS 15 for determining when a performance obligation is satisfied. [IFRS 16:99]
If an asset transfer satisfies IFRS 15’s requirements to be accounted for as a sale the seller measures the right-of-use asset at the proportion of the previous carrying amount that relates to the right of use retained. Accordingly, the seller only recognises the amount of gain or loss that relates to the rights transferred to the buyer. [IFRS 16:100a)]
If the fair value of the sale consideration does not equal the asset’s fair value, or if the lease payments are not market rates, the sales proceeds are adjusted to fair value, either by accounting for prepayments or additional financing. [IFRS 16:101]

Disclosure:

The objective of IFRS 16’s disclosures is for information to be provided in the notes that, together with information provided in the statement of financial position, statement of profit or loss and statement of cash flows, gives a basis for users to assess the effect that leases have. Paragraphs 52 to 60 of IFRS 16 set out detailed requirements for lessees to meet this objective and paragraphs 90 to 97 set out the detailed requirements for lessors. [IFRS 16:51, 89]

Effective date and transition:

An entity applies IFRS 16 for annual reporting periods beginning on or after 1 January 2019. Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied. [IFRS 16:C1]
As a practical expedient, an entity is not required to reassess whether a contract is, or contains, a lease at the date of initial application. [IFRS 16:C3]
A lessee shall either apply apply IFRS 16 with full retrospec­tive effect or alternatively not restate comparative informa­tion but recognise the cumulative effect of initially applying IFRS 16 as an adjustment to opening equity at the date of initial application.

IFRS 16 -LEASES
The International Accounting Standards Board ® (the Board) today issued a new accounting Standard, called IFRS 16
Leases . It replaces accounting requirements introduced more than 30 years ago that are no longer considered fit for purpose and is a major revision of the way in which companies account for leases.
Leasing provides an important and flexible source of financing for many companies. However, the old lease accounting Standard (IAS 17 Leases ) makes it difficult for investors and others to get an accurate picture of a company’s lease assets and liabilities, particularly for industries such as the airline, retail and transport sectors.
Listed companies using IFRS Standards or US GAAP are estimated to have around US$3.3 trillion of lease commitments; over 85 per cent of which do not appear on their balance sheets*. That is because leases to date have been categorised as either ‘finance leases’ (which are reported on the balance sheet) or ‘operating leases’ (which are disclosed only in the notes to the financial statements).
This somewhat arbitrary distinction made it difficult for investors to compare companies. It also meant that investors and others had to estimate the effects of a company’s off balance sheet lease obligations, which in practice often led to overestimating the liabilities arising from those obligations. IFRS 16 solves this problem by requiring all leases to be reported on a company’s balance sheet as assets and liabilities.
Hans Hoogervorst, IASB Chairman, commented:
These new accounting requirements bring lease accounting into the 21st century, ending the guesswork involved when calculating a company’s often-substantial lease obligations.
The new Standard will provide much-needed transparency on companies’ lease assets and liabilities, meaning that off balance sheet lease financing is no longer lurking in the shadows. It will also improve comparability between companies that lease and those that borrow to buy.
The new Leases Standard has been subjected to multiple rounds of public consultation and extensive Board-level deliberation, all of which has been conducted in public and webcast.
The IASB has also worked in close collaboration with the US Financial Accounting Standards Board (FASB) on the development of the new Standard. The two Boards are aligned on the central issue of bringing leases onto balance sheets, and on the definition of a lease and how lease liabilities should be measured.
IFRS 16 is effective 1 January 2019. Early application is permitted for companies that also apply IFRS 15 Revenue from Contracts with Customers.
Effects Analysis
Accompanying the Standard, the IASB has also published a separate Effects Analysis, which outlines the costs and benefits of the Standard. It clearly demonstrates the need for the Standard and that the benefits outweigh the costs.
The Board has given careful consideration to feedback received and has introduced several cost-saving measures for preparers, such as exempting ‘small ticket’ items as well as leases of 12 months or less.
The publication of a separate Effects Analysis follows on from a report to the IFRS Foundation Trustees in November 2014 by the Effects Analysis Consultative Group. The Effects Analysis can be accessed here.
A separate Project Summary, including an overview of the project history and how the Board has responded to stakeholders’ comments during the development of the Standard, can be found here.
*Based on a sample of 30,000 listed companies using IFRS or US GAAP, over 14,000 companies disclose information about off balance sheet leases in their 2014 annual reports. The future payments for off balance sheet leases for those companies totalled US$2.9 trillion (on an undiscounted