T7 International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

To prescribe the accounting and disclosure for employee benefits

To prescribe the timing of payments

To draw a distinction between long and short term benefits

To draw a distinction between a defined contribution and defined benefit plan

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

Operating expenses

Net income

Total income

Current assets

Its fair value at the date of revaluation less accumulated impairment

Its fair value at the date of revaluation less accumulated depreciation

Its fair value, less retained earnings

Its fair value at the date of revaluation less accumulated depreciation and accumulated impairment

Fair value

Time value of money

Net present value

The corporate vision

The employer must assume risk for the plan

Contributions must be discounted

Contributions must not be discounted

The employer must pay a specified amount to the employee

Directors and management personnel

All employees except casual employees

All employees

All full-time employees

Expense recognition and matching

Revenue recognition and matching

Revenue recognition and measurement

Cost and materiality

For reporting purposes

For business strategy

For decision-making purposes

For organizational vision

To show sources of funds and the manner in which those funds are employed

To account for changes in cash during the accounting period

To show details of the nature of a company’s operating activities

To reconcile the beginning and ending balances of stockholders’ equity