International accounting standards do change on an irregular basis. Good accountant should keep track of the changes of IAS and also of local legislation.
To say just, “yes, I have a knowledge of the standards”, would not help you much, however, because the question can often have a second part. They can ask you to elaborate on the latest changes to IAS, or to local legislation.
It is impossible to know everything
Employers should know (and sometimes they really do) that the accounting is a complex and ever-evolving field. They can give you a practical question, but they should not ask you to tell them the content of IAS 19, or something similar.
Good accountant should have an ability of finding what they need to find. Tell the interviewers that you have a good source (for example here) to check IAS (or IFSR), and the local legislation for the most recent updates.
However, if you have checked the recent changes to the standards or local laws, and decide to present them in an interview, it can help you to get a job. Such an answer demonstrates your true interest for the field of accounting.
- What is your opinion on creative accounting?
- Describe a time when you helped to improve cost efficiency.