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IAS 10Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5

Version of this content

IAS 10 Events after the Reporting Period — wording before IFRS 18Applicable today

Applies to annual periods beginning before January 1, 2027.

Mission · workpaperWorkpaper · IAS 10L4 · Expert

Documents

Internal audit report on the fraud

Memo

Internal audit report on the fraud

Orlimont Équipements SA (fictitious entity). On 20 February 20X6, internal audit discovers that a buyer had advances to fictitious suppliers recorded in 20X5 for a total of 186,000, carried as assets at 31 December 20X5; the funds were embezzled and cannot be recovered. No such payment exists before March 20X5.

Review of events after the reporting period: Default of the customer Vellaz

Fraud discovered before approval and announced tax rate change: the IAS 10 / IAS 8 / IAS 12 boundary

5 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 10 workpaper
Level
Expert
Estimated time
≈ 35 min
Progress
0 / 4 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

Review of events after the reporting period: fraud, rate and Vellaz

Purpose of the workpaper

Set the review window (from the reporting date to the date of authorisation for issue, according to the entity's governance), then, for each event identified (one instance per event), decide whether the condition existed at the reporting date, quantify the relevant effect, assess materiality and derive the treatment: adjustment of amounts, disclosure in the notes, update of a disclosure or no effect.

Questions of the file covered by this workpaper

  • Define the period and classify the three events (fraud, rate, Vellaz).
  • Estimate the effect of the Vellaz default to be disclosed.
  • Does the announced rate change alter deferred tax at 31 December 20X5? Estimate its effect.
  • Draft the disclosures on the non-adjusting events and identify the missing information.

Documents in the file

Open the documents to pick out the relevant information.

Choose how you want to work
View the workpaper template