IAS 1 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
General features of a set of financial statements: fair presentation, going concern, materiality and aggregation, comparatives and consistency: Depot restructuring costs
Materiality, aggregation, offsetting, comparative information and frequency of reporting
Section 1 of 7
Objective
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
- Intermediate
- Estimated time
- ≈ 60 min
- Progress
- 0 / 3 steps done (review excluded)
Context
Brenmar SA (fictitious entity), a distribution company, closes its accounts on 31 December 20X6. You prepare the presentation of the financial statements: aggregation of expenses, balances with a customer and with a bank, comparatives of a new line and frequency of publication of a complete set. This standard applies until IFRS 18 applies (annual periods beginning on or after 1 January 2027); the IFRS 18 course presents what changes.
Assignment
Materiality and aggregation of operating expenses
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
- Which expenses to aggregate and which to present separately?
Documents in the file
Open the documents to pick out the relevant information.