IAS 24 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
Key management personnel compensation note: total, categories, management entity and other balances
Group file: close family, entities controlled by a manager, post-employment plan, management entity, arm's length, aggregation and public fund
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 24 workpaper
- Level
- Expert
- Estimated time
- ≈ 40 min
- Progress
- 0 / 3 steps done (review excluded)
Context
Valmora Matériaux SA (fictitious entity) closes its books on 31 December 20X6. Its chief executive, Mr Marc Bastide, controls two companies that work with the entity, Bastide Immobilier SARL (offices leased) and Bastide Transports SARL (transport). His father, Mr Lucien Bastide, is consulted by him on major decisions; the sister of the chief financial officer, Ms Hélène Roux, has no business or financial link with him. The chief financial officer is provided by Conseil Financier Altair SAS. The employees have a post-employment plan, Valmora Prévoyance, and the Regional Fund Valdor, a public fund, sits on the board and has significant influence over the entity. The person in charge of the file must settle several judgements before the note.
Assignment
Key management personnel compensation note
Purpose of the workpaper
List the key management personnel, enter the compensation of the period for each of the five categories, compute the total, examine whether services are obtained from a management entity (judgement, no threshold imposed) and then disclose the amounts incurred, then identify the other transactions and balances with key management. Amounts are case data.
Questions of the file covered by this workpaper
- What amount to disclose for the management entity services?
Documents in the file
Open the documents to pick out the relevant information.