An IFRS specialist works as part of the finance department in large companies, and is responsible for ensuring that all documents and reports from the company are compliant with the standards set by the International Accounting Standards Board.
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The IFRS test is a job knowledge test designed to be used early in the recruitment process to make choosing the most qualified candidates simple and straightforward. The test asks specific questions relating to the skills, knowledge, and competencies that are necessary for success in the role, with a focus on applying these in job-related situations.
Job knowledge tests are becoming more commonly used in the recruitment process for a number of roles at different levels because the results can provide actionable, objective data that removes bias from the recruitment process, and the tests can be administered to a large number of candidates at the same time which makes it an effective way to distinguish between candidates that appear equally qualified on paper.
To do well in this assessment, the candidate must be able to demonstrate that they not only have the knowledge to be successful, but that they can apply that knowledge. They also must demonstrate that they have the required level of particular skills related to the role.
International Financial Reporting Standards (IFRS) are important to businesses, and every listed business in the EU is bound by them. This means that reporting and auditing processes need to be compliant with these standards, and the specialist that the company recruits for needs to be competent enough to deal with problems in compliance.
The IFRS job knowledge test is a simple and effective tool that separates candidates according to the skills, competencies and knowledge that actually has a direct bearing on their success in the role, providing quantifiable data that the recruitment team can make use of when deciding which applicants to take through to the next stage of the application process.
Recruiters who are looking for an IFRS specialist will have certain prerequisites that must be met. For some, this will include a specific number of years of experience, as well as qualifications like a degree in math or accounting, some industry-standard certification (such as from the Institute of Chartered Accountants) or a specific IFRS qualification.
Whether a candidate meets these standards or not is obvious through a basic review of their CV or application form, but when it comes to the skills and attributes that are important to success, measurement through a paper sift - or even during an interview - is less straightforward.
Not only does a candidate need to be knowledgeable in all things accounting and auditing, from invoicing through to reporting, tax, and forecasting, they also need to be competent in creating reports and providing guidance specifically compliant with IFRS. This depth of knowledge is essential.
The best IFRS specialists have some other skills that are essential to success, too:
They obviously have to have an analytical and logical mindset because they are dealing with the technical, hands-on side of accounting
They also have to be excellent team players with outstanding communication skills
They work as part of the wider finance department, and need to be able to provide help and advice to their colleagues, but also for other internal stakeholders including executives
They need to be able to present information in a clear and concise way that is simple enough to be understood, especially for a layperson who might not be as well-versed in the world of financial reporting.
The IFRS test is a great way to assess candidates for similar auditing and reporting roles across the finance department, and these skills can often be used in multinational operations when working alongside US GAAP standards, for example.
For the recruitment team, the IFRS test is easy to administer to a large number of candidates, and the straightforward data from the results are an unbiased, objective way to decide which applicants are most likely to be successful in the role in the areas where it counts, making the recruitment process smoother and faster - and less costly.
Results for the IFRS Test along with other assessments the candidate takes will be compiled to produce a candidate report.
The report is automatically generated and available both online and as a downloadable pdf so they can be shared with other team members and employees alike.
Candidates will need to answer a range of questions that measure industry-specific technical skills where applicable (e.g. Microsoft Excel), soft skills (e.g. accountability), aptitude (e.g. numerical reasoning) and relevant personality dimensions (e.g. integrity). The results present a holistic view of how well-suited each candidate is for the job at hand, using a data-driven approach.
The format varies by type of question, including multiple-choice for aptitude and technical skills, situational judgement for soft skills and agreement on a Likert scale for the personality dimensions. This approach ensures candidates are being assessed in an accurate and fair manner, and that results reflect the true underlying qualities of each candidate.
The characteristics, abilities and knowledge necessary to be an IFRS specialist were identified using the US Department of Labor's comprehensive O*NET database. O*NET is the leading source of occupational information that is constantly updated by collecting data from employees in specific job roles.
During the development process, test questions were rigorously analyzed to maximize reliability and validity in line with industry best practices. They were created by our team of I/O psychologists and psychometricians – who collaborated with subject-matter-experts – and field-tested with a representative sample of job applicants who have varying experience, just like you might find in a talent pool.
Each test is reviewed by a panel of individuals representing diverse backgrounds to check for any sensitivity, fairness, face validity and accessibility issues. This ensures each candidate has a fair chance of demonstrating their true level of expertise.
Our IFRS test is monitored to ensure it is up-to-date and optimized for performance.
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For IFRS specialists, hard skills include knowledge of the standards and a deep understanding of financial reporting and audit requirements. However, they also need an analytical mindset, great communication skills at all levels, and excellent teamwork ability.
The IFRS test can be used anywhere in the recruitment process, but most companies find that using a job knowledge pre-employment assessment is most useful when used early - usually just after the paper sift.
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