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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

Closing timetable and governance

Memo

Closing timetable and governance

Caldérac Industries SA (fictitious entity, pumps and hydraulic equipment) has a 31 December 20X5 reporting date; tax rate of 25%. The company has a management board and a supervisory board, the latter made up solely of non-executive members. Annual results are announced to the press on 5 March 20X6. On 24 March 20X6, the management board approves the statements and authorises their submission to the supervisory board, which reviews them on 8 April 20X6; the general meeting will approve them on 20 May 20X6. The articles give no party the power to amend the statements after issue (case data). Draft 20X5 profit before the points below: 3,600,000; materiality threshold: 100,000.

Going concern: assessment up to the authorisation date

Review file of the events after the reporting period of an industrial group

10 documents7 sections to document
0 / 4 sections completed
Guided mode

Section 1 of 7

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
≈ 40 min
Progress
0 / 3 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

Going concern up to 24 March 20X6

Purpose of the workpaper

List the decisions of the governing bodies and the adverse events that occurred after the reporting date up to the authorisation date, compare cash needs with the financing available, conclude on the basis of preparation of the financial statements (intention, or no realistic alternative but, to liquidate or to cease trading) and on the update of disclosures about conditions existing at the reporting date.

Questions of the file covered by this workpaper

  • Is the going concern basis still appropriate?
  • Prepare the IAS 10 disclosures and record the findings on the draft notes.

Documents in the file

Open the documents to pick out the relevant information.

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View the workpaper template