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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:
- Concept of accrual accounting
- Basic principle that the cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable
- IAS 19 Purpose and Scope
- How is this done?
Who should take the International Financial Reporting Standards for Compensation Professionals (T7) Exam
The International Financial Reporting Standards for Compensation Professionals (T7) Exam certification is for those individuals pursuing their GRP or CCP Canada or for Human Resources and Compensation Professionals who have global responsibility for compensation and rewards programs for countries outside of the U.S.
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WorldatWork T7 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: IAS 19 Employee Benefits | 30% | - Long-term benefits and termination benefits - Post-employment benefits - Short-term employee benefits |
| Topic 2: Introduction to IFRS | 20% | - IFRS vs. other reporting frameworks - IASB structure and objectives - Purpose and scope of IFRS |
| Topic 3: IFRS Conceptual Framework | 20% | - Recognition and measurement principles - Elements of financial statements - Financial reporting objectives |
| Topic 4: IFRS 2 Share-Based Payment | 20% | - Expense recognition and disclosure - Recognition and measurement rules - Equity-settled vs. cash-settled plans |
| Topic 5: IFRS Application & Disclosure | 10% | - Financial statement implications - Disclosure requirements - Impact on compensation decisions |
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