T7 Exam Dumps - WorldatWork Certified Compensation Professional CCP Questions and Answers

Informs International Accounting Standards Board (IASB) of implications of proposed standards

Appoints International Accounting Standards Board (IASB) members

Approves principles-based standards but does not issue detailed application guidelines

Has the sole responsibility for setting standards

Basic objective

Recognition, measurement, and disclosure concepts

Fundamental concepts

Elements of financial statements

Faithful representation

Relevance

Predictive value

Comparability

Assets

Owners’ equity

Contributed capital

Liabilities

Approves principles-based standards and informs International Accounting Standards Board (IASB) of implications of proposed standards

Oversees standards set for the public sector

Monitors International Accounting Standards Board (IASB)’s effectiveness, raise funds, approve budget, responsible for constitution

Provides advice to International Accounting Standards Board (IASB) on priorities

Fair value

Time value of money

Net present value

The corporate vision

The financial position

The deficit or surplus

The discount

The present fair value

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

Wages, short-term benefits, long-term benefits, termination benefits

Wages, profit-sharing, bonuses, non-monetary bonuses

Short-term benefits, post-employment benefits, long-term benefits, termination benefits

Wages, short-term benefits, bonuses, termination benefits

Neither the recognition of revenue nor the recording of expense necessarily involves the receipt or payment of cash

It rests on a primary guiding principle, which is recognition

The recognition of revenue involves the receipt or payment of cash, while the recording of expense does not

It entails recording income or expenditure only when money comes into or leaves the company