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Understanding functional and technical aspects of International Financial Reporting Standards for Compensation Professionals (T7) Objectives of Financial Reporting
The following will be asked from you in the exam:
- Providing information to the stakeholders of the organization
- Objectives of Financial Reporting
- Relationship between the conceptual framework and stakeholders
- Who are the stakeholders?
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Understanding functional and technical aspects of International Financial Reporting Standards for Compensation Professionals (T7) IAS 19 Purpose and Scope
The following will be asked from you in the exam:
- IAS 19 Types of Post Employment Benefit Plans
- Calculating the liability of a defined contribution plan
- Methods of calculation including the reliance on actuarial and financial assumptions
- Discounted cash flow techniques. Issues to be addressed, such as what is the appropriate discount rate
- Calculating the liability of a defined benefit plan
- IAS 19 Features of a defined benefit plan
- IAS 19 Features of a defined benefit plan
- Accounting treatment of a defined contribution plan
- Practical examples of treatment
WorldatWork T7 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| IAS 19 – Employee Benefits | - Post-employment and long-term benefits - Short-term employee benefits - Termination benefits and measurement considerations |
| Accrual Accounting and Financial Statements | - Purpose and elements of financial statements - Principles of accrual accounting |
| IFRS Application to Compensation Practices | - Impact of IFRS on compensation and benefits reporting |
| Conceptual Framework for Financial Reporting | - Qualitative characteristics of useful financial information - Relationship of conceptual framework to stakeholders |
| IFRS and IASB Fundamentals | - Objectives and structure of International Financial Reporting Standards - Role and mission of the International Accounting Standards Board (IASB) |

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