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IAS 24Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IAS 24L3 · Advanced

Documents

List of managers

Minutes

List of managers

List approved by the board at 31 December 20X6: the chief executive, the chief financial officer and the chief operating officer are employees of the entity; they have the authority and responsibility for planning, directing and controlling its activities. The investment director has the same authority; he is an employee of Gestion Altimar SAS, which makes him available to the entity.

Note on transactions and balances with related parties: content, allowances, categories, arm's length and aggregation

Key management personnel compensation by category, management entity services and a loan to a manager

5 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 24 workpaper
Level
Advanced
Estimated time
≈ 60 min
Progress
0 / 3 steps done (review excluded)

Context

Sorelvia Énergie SA (fictitious entity) closes its books on 31 December 20X6. Its key management personnel comprises three salaried managers (chief executive, chief financial officer, chief operating officer). The investment director is made available to it by Gestion Altimar SAS, a separate advisory company that invoices its services to the entity. A loan was granted to the chief financial officer. The accounting department prepares the note on key management compensation.

Assignment

Note on transactions with key management

Purpose of the workpaper

Identify the transactions and balances by category of related party, compute the totals by category, the closing allowance (opening, expense, write-offs) and the net balance of the receivable, assess whether an arm's length statement can be substantiated and whether items may be aggregated (judgements, no threshold imposed), then prepare the illustrative entries and the note. Amounts are case data.

Questions of the file covered by this workpaper

  • Is the loan to the chief financial officer to be disclosed and what must be said about it?

Documents in the file

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