IAS 10 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
IAS 10 Events after the Reporting Period — wording before IFRS 18Applicable today
Applies to annual periods beginning before January 1, 2027.
Schedule of adjustments for events after the reporting period
Fraud discovered before approval and announced tax rate change: the IAS 10 / IAS 8 / IAS 12 boundary
Section 1 of 9
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 10 workpaper
- Level
- Expert
- Estimated time
- ≈ 40 min
- Progress
- 0 / 5 steps done (review excluded)
Context
Orlimont Équipements SA (fictitious entity) announced its 20X5 results on 28 February 20X6. Before authorisation for issue on 25 March, three events occur. You deal with them without further guidance.
Assignment
Adjustments schedule: fraud
Purpose of the workpaper
For adjusting events, quantify at the reporting date the adjustment of the litigation provision, the additional loss allowance on receivables, the inventory write-down indicated by a later sale and the effect of a fraud discovered before authorisation; compute the tax effect at the rate given by the case, the adjusted profit and post the closing entries.
Questions of the file covered by this workpaper
- Compute the tax effect of the fraud correction.
- Determine the adjusted 20X5 profit.
- Post the adjusting entries at 31 December 20X5.
Documents in the file
Open the documents to pick out the relevant information.