How to Prepare For International Financial Reporting Standards for Compensation Professionals (T7)

Preparation Guide for International Financial Reporting Standards for Compensation Professionals (T7)

Introduction

WorldatWork is a global association for human resources management professionals and business leaders focused on attracting, motivating, and retaining employees. WorldatWork works to promote the role of human resources as a profession, offering training and certification in compensation, benefits, work-life, and total rewards. Founded in 1955 and known for most of its history as the American Compensation Association.

Reference: https://worldatwork.org/learn/courses/international-financial-reporting-standards-for-compensation-professionals?tab=virtual

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:

• How is this done?
• 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
• Concept of accrual accounting
• IAS 19 Purpose and Scope

Introduction to International Financial Reporting Standards for Compensation Professionals (T7)Exam

This exam presents an introduction to International Financial Reporting Standards (IFRS). It will provide you with the understanding you need to interact effectively with accounting and finance departments in your company.

• Understand the objectives of financial reporting and how to identify and work with key stakeholders
• Explore an overview of IFRS and the International Accounting Standards Board (IASB)
• Determine how financial statements relate to your compensation and benefits work.
• Examine International Accounting Standard 19 (IAS 19) short- and long-term benefits, as well as post-employment and termination benefits

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International Financial Reporting Standards for Compensation Professionals (T7) Certification Path

International Financial Reporting Standards for Compensation Professionals (T7) Exam is foundation level Certification. There is no prerequisite for this course. Anyone who is having keen interest and familiar with HR principles are well invited to pursue this certification.

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