Question

Identify a person who works with company financial statements on a regular basis. This person ought to either prepare financial statements, or analyze financial statements. You might find a person who is working as a financial accountant within a company, or a loan officer at a bank, or an investment analyst. Academics, auditors and tax preparers are generally not good targets for this assignment.

Create a list of at least 10 interview questions designed to investigate how this person utilizes industry specific GAAP in their work. Consider how GAAP is applied differently in different industries (i.e. construction, health care, airline). Compose questions to elicit interesting & relevant GAAP related info.

• Some general questions you are welcome to use might include:

1. What do you do specifically to keep current with the changes in GAAP?
2. What tools do you use to do GAAP research?

Answer 1

1. What is the need for GAAP?

2. What are the GAAP principles

3. What is Principle of Prudence

4. Tell me about some differences between IFRS and US GAAP

5. Describe your familiarity with accounting standards such as FASB and GAAP

6. What do you think of the most recent updates in the accounting standards?

7. What methods have you used for estimating bad debt?

8. Which enterprise resource planning (ERP) systems have you used?

9. Describe an accounting process that you developed or improved

10. Tell few points about Principle of Permanence of Methods