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IAS 1Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IAS 1L1 · Fundamental

Documents

Company profile and case conventions

Memo

Company profile and case conventions

Orlane SA (fictitious entity) makes furniture and closes its accounts on 31 December 20X6; its functional currency is the euro. Case conventions: amounts in EUR; the cash forecast and the minimum cash level are data of management; case convention (pedagogical assumption, not attributed to the standard): the entry is illustrative and uses a generic expense account and a generic payable account. This standard applies until IFRS 18 applies (annual periods beginning on or after 1 January 2027).

General features of a set of financial statements: fair presentation, going concern, materiality and aggregation, comparatives and consistency: Draft note 1 — IFRS compliance

Complete set of financial statements, compliance, going concern and accrual basis

6 documents7 sections to document
0 / 4 sections completed
Guided mode

Section 1 of 7

Objective

In progress
Section brief
What to document
The engagement, its scope and the working mode chosen.
Why
A workpaper answers one precise question: framing it avoids off-topic work.
How
Read the objective and the assignment, then choose the mode (guided, semi-guided, professional).
Expected result
You know which question the workpaper must settle, and for which reporting date.
Your role
Preparer of the IAS 1 workpaper
Level
Foundation
Estimated time
≈ 60 min
Progress
0 / 3 steps done (review excluded)

Context

Orlane SA (fictitious entity), a furniture maker, closes its accounts on 31 December 20X6. You prepare the closing file: identification of the components of the set of financial statements, proposed note 1, assessment of going concern and allocation of an invoice to the right period. This standard applies until IFRS 18 applies (annual periods beginning on or after 1 January 2027); the IFRS 18 course presents what changes.

Assignment

Assessment of the general features: compliance and going concern

Purpose of the workpaper

Record the facts of the entity, the information available about the future (at least the 12 months after the closing date) and the items that are candidates for aggregation or separate presentation. Then assess fair presentation, going concern and materiality; check the comparatives and the consistency of presentation. The facts are case data; each conclusion remains a supported judgment and no numerical threshold is presented as imposed by the standard.

Questions of the file covered by this workpaper

  • Can proposed note 1 state without reservation compliance with IFRS?
  • Can the financial statements be prepared on the going concern basis?

Documents in the file

Open the documents to pick out the relevant information.

Choose how you want to work
View the workpaper template