IAS 10 · Workpapers (Step 4 of 5)
Workpaper assignment
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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.
Schedule of adjustments for events after the reporting period
Review file of the events after the reporting period of an industrial group
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
Caldérac Industries SA (fictitious entity) is finalising its 20X5 statements. Between the reporting date and approval, management received a lawyer's letter, a bank letter, a customer's receivership notice, the statement of inventory sales and management board minutes. You prepare the review file of the events after the reporting period, submitted to the reviewer before approval.
Assignment
Adjustments schedule: dispute, receivable and inventory
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 adjustment to the provision for the Ostrand dispute.
- Compute the loss on the Corbassin receivable.
- Determine the net realisable value of the P-series batch and the write-down.
- Total the adjustments and compute their tax effect.
- 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.