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Exam Code:
T7
Exam Name:
International Financial Reporting Standards for Compensation Professionals Exam
Last Update: Nov 20, 2024
89 Questions
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International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

Questions 1

Which of the following most accurately describes the overall objective of financial reporting?

Options:

A.

Provide information that is useful for decision making

B.

Enable International Accounting Standards Board (IASB) to issue more useful and consistent pronouncements

C.

Enhance and organization’s financial consistency over time as Board members change

D.

To classify an organization’s stakeholders as either internal or external information users

Questions 2

IAS 19 requires that all numbers involved in accounting for defined benefit plans be presented as a single amount in the statement of financial position. What is this amount called?

Options:

A.

Net defined benefit liability (asset)

B.

Asset ceiling

C.

Fair value

D.

Net present value

Questions 3

Which of the following should be used when discounting a benefit in order to determine the present value of the defined benefit obligation and the current service cost?

Options:

A.

Fair value

B.

Time value of money

C.

Net present value

D.

The corporate vision