IAS 2 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
Scope of IAS 2 and classification of inventories: Altavia Métaux — copper inventory
Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosures
Section 1 of 7
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 2 workpaper
- Level
- Expert
- Estimated time
- ≈ 25 min
- Progress
- 0 / 3 steps done (review excluded)
Context
The Altavia group (fictitious entities) comprises three subsidiaries: Altavia Métaux, a copper commodity broker-trader; Domaine Altavia, a vineyard that makes wine from its harvest; Altavia Machines, which builds packaging machines to order and sells standard spare parts. As head of consolidation, you are reviewing the group's inventories at 31 December 20X4 and preparing the note on inventories.
Assignment
Scope and classification of inventories workpaper.
Purpose of the workpaper
Classify the items examined against the definition of inventories, apply the scope exclusions and the exclusions from the measurement requirements only, then set the measurement basis of each item.
Questions of the file covered by this workpaper
- How do you classify each item with regard to the scope of IAS 2?
Documents in the file
Open the documents to pick out the relevant information.