International Financial Reporting Standards for Compensation Professionals

Here you have the best WorldatWork T7 practice exam questions

You have 89 total questions across 18 pages (5 per page)
These questions were last updated on February 21, 2026
This site is not affiliated with or endorsed by WorldatWork.

Question 1 of 89

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?

Net defined benefit liability (asset)

Asset ceiling

Fair value

Net present value

Question 2 of 89

Paid annual leave and paid sick leave are examples of which kind of employee benefits?

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

Question 3 of 89

Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

Question 4 of 89

Which body has the sole responsibility for setting standards?

Standards Advisory Council (SAC)

International Accounting Standards Board (IASB)

International Financial Reporting Interpretations Committee (IFRIC)

Accounting Principles Board (APB)

Question 5 of 89

What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?

Net defined benefit liability (asset)

Asset ceiling

Fair value

Net present value

About the WorldatWork T7 Certification Exam

About the Exam

The WorldatWork T7 (International Financial Reporting Standards for Compensation Professionals) validates your knowledge and skills. Passing demonstrates proficiency and can boost your career prospects in the field.

How to Prepare

Work through all 89 practice questions across 18 pages. Focus on understanding the reasoning behind each answer rather than memorizing responses to be ready for any variation on the real exam.

Why Practice Exams?

Practice exams help you familiarize yourself with the question format, manage your time, and reduce anxiety on the test day. Our T7 questions are regularly updated to reflect the latest exam objectives.