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

What is the reconciliation of the beginning and ending balances of stockholders’ equity accounts called?

Defined contribution plans are an example of which kind of employee benefits?

When a company provides information that is of sufficient importance to influence the judgment and decisions of an informed user, which principle of Level 3 of the conceptual framework is being represented?

What is the sum of current and noncurrent liabilities called?

Which characteristic requires a high degree of consensus among individuals on a given measurement?

The profit-sharing plan of Company ABC requires the company pay a specified proportion of its profit for the year to employees who serve throughout the year. If no employees leave during the year, the total profit-sharing payments for the year will be 3% of profit. The company estimates that staff turnover will reduce the payments to 2.5% of profit. What does Company ABC recognize as a liability and an expense?

Which of the following is a benefit of moving toward a single set of standards?

What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?

The concept that numbers and descriptions must match what really existed or happened is represented by which fundamental qualitative characteristic?

Which of the following is true of liabilities?