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IAS 1Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IAS 1L4 · Expert

Documents

Group profile and case conventions

Memo

Group profile and case conventions

Corvane SA (fictitious entity) makes industrial components and closes its accounts on 31 December 20X6 under IAS 1; its functional currency is the euro. Case conventions: amounts in EUR; case convention (pedagogical assumption, not attributed to the standard): profit or loss and other comprehensive income in two separate statements, no early application of IFRS 18, illustrative entry. The content of IAS 7, IAS 8 and IAS 33 is not duplicated.

General features of a set of financial statements: fair presentation, going concern, materiality and aggregation, comparatives and consistency: Management's departure proposal

From IAS 1 to IFRS 18: what remains, what is transferred and what changes

8 documents8 sections to document
0 / 5 sections completed
Guided mode

Section 1 of 8

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
Expert
Estimated time
≈ 60 min
Progress
0 / 4 steps done (review excluded)

Context

Corvane SA (fictitious entity), an industrial group, closes its accounts on 31 December 20X6 under IAS 1. The audit committee asks for a transition note on IFRS 18: application date, classification of the IAS 1 requirements (transferred, unchanged, modified), departure proposal from management, capital disclosure and preparation of the 20X6 comparative under the new presentation. IAS 1 remains the standard applicable to the 20X6 financial statements.

Assignment

Proposed departure and transferred general requirements

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

  • Is the departure proposal of management justified?

Documents in the file

Open the documents to pick out the relevant information.

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View the workpaper template