Worldatwork T7 Exam Topics
Worldatwork T7 Exam Overview :
| Exam Name: | International Financial Reporting Standards for Compensation Professionals |
| Exam Code: | T7 |
| Certifications: | Worldatwork GRP Certification |
| Actual Exam Duration: | 90 minutes |
| Expected no. of Questions in Actual Exam: | 60 |
| See Expected Questions: | Worldatwork T7 Expected Questions in Actual Exam |
Worldatwork T7 Exam Objectives :
| Section | Objectives |
|---|---|
| International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) Overview | In this exam section, compensation and benefits professionals, financial analysts, and HR managers will be tested on their understanding of the fundamentals of IFRS and IAS. This includes knowledge of the history and development of these standards, their global adoption and impact, and the key differences between IFRS and other major accounting standards such as US GAAP. Candidates will need to demonstrate familiarity with the structure of the IFRS Foundation and the International Accounting Standards Board (IASB), as well as the process of standard-setting and implementation. |
| Objectives of Financial Reporting and Stakeholder Identification | In this exam domain, HR professionals, financial managers, and corporate communication specialists will be tested on skills regarding the core objectives of financial reporting. This covers understanding the primary goals of transparency, accountability, and efficiency in financial reporting. Candidates will need to show proficiency in identifying key stakeholders in the financial reporting process, including investors, employees, regulators, and the general public. The section will also examine how to effectively communicate financial information to these diverse stakeholder groups and understand their varying information needs and perspectives. |
| Relationship Between Financial Statements and Compensation and Benefits Work | In this exam part, compensation specialists, benefits managers, and HR financial analysts will be tested on their knowledge of how financial statements impact and are impacted by compensation and benefits decisions. This includes understanding how employee-related expenses are reflected in financial statements, the impact of benefit plans on a company's financial position, and how compensation structures can affect financial performance metrics. Candidates will need to demonstrate the ability to interpret financial statements from a compensation and benefits perspective and use this information to inform strategic decision-making in their roles. |
| Key Financial Statements and Accompanying Notes | In this exam section, financial analysts, accountants, and HR professionals will be tested on skills regarding the preparation, interpretation, and analysis of key financial statements. This includes in-depth knowledge of the income statement (statement of comprehensive income), statement of financial position (balance sheet), and statement of cash flows. Candidates will need to show understanding of how these statements interrelate and what they reveal about a company's financial health. Additionally, this section will cover the importance of notes to the financial statements, including how to read and interpret these notes to gain a fuller understanding of a company's financial position and performance, particularly as it relates to employee compensation and benefits. |
| IAS 19: Employee Benefits | In this exam domain, benefits specialists, actuaries, and HR financial managers will be tested on their comprehensive understanding of International Accounting Standard 19 (IAS 19) on Employee Benefits. This includes demonstrating knowledge of accounting for short-term benefits such as wages, salaries, paid leave, profit-sharing, and non-monetary benefits; long-term benefits including long-service leave, sabbatical leave, and long-term disability benefits; post-employment benefits covering both defined contribution and defined benefit plans, including recognition, measurement, and disclosure requirements; and termination benefits such as severance packages and early retirement incentives. The exam will assess the ability to apply IAS 19 principles to real-world scenarios, including the calculation of benefit obligations, the recognition of actuarial gains and losses, and the disclosure requirements for various types of employee benefits. |
| Official Information | https://worldatwork.org/learn/courses/international-financial-reporting-standards-for-compensation-professionals?tab=virtual |
Updates in the Worldatwork T7 Exam Topics:
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