World At Work – International Financial Reporting Standards | It Certification Online Course by Udemy

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World At Work – International Financial Reporting Standards

Practice and prepare for World At Work International Financial Reporting Standards for Compensation Professionals (T7) Exam. Exam Topics: What You Will Learn1. Introduction to the IASB and the IFRSThe objectives of the IASBThe structure of the standard setting body and sub-committeesThe conceptual frameworkThe IAS and IFRS standards2. Objectives of Financial ReportingRelationship between the conceptual framework and stakeholdersProviding information to the stakeholders of the organizationWho are the stakeholders?3. Financial StatementsContent of the key financial statementsStatement of financial positionStatement of incomeStatement of other comprehensive incomeStatement of cash flowsNotes accompanying the accounts – the true source of information4. IAS 19 Purpose and ScopeConcept of accrual accountingBasic 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 payableHow is this done?5. IAS 19 Short-Term Employee BenefitsDefinitionTypes of short-term benefitBenefits that accrueBenefits that do not accrueProfit sharing and bonus plansAccounting treatment for short-term benefitsPractical examples of treatments6. IAS 19 Types of Post Employment Benefit PlansIAS 19 Features of a defined benefit planCalculating the liability of a defined benefit planAccounting treatment of a defined contribution planPractical examples of treatmentIAS 19 Features of a defined benefit planCalculating the liability of a defined contribution planMethods of calculation including the reliance on actuarial and financial assumptionsDiscounted cash flow techniques. Issues to be addressed, such as what is the appropriate discount rate7. IAS 19 Other long-term benefitsAccounting treatment of other long-term benefitsBenefits that are immediately expensedBenefits that are accrued8. IAS 19 Termination BenefitsCategories of benefits that qualify and the conditions that determine these categoriesDetermination of the conditions for a planTreatment of the benefits provision/payments

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