Context · Dated fact of the file
Brevalis SA: from the quarterly report to the 30 September file
Brevalis SA, swimming pool equipment manufacturer, listed, calendar year
IAS 34 · Case studies (Step 3 of 5)
Practical case
- Course
- Exercises
- Case studies
- Workpapers
- Exams
File · Progressive casePath L1 → L4L1 · Fundamental
Brevalis SA: from the quarterly report to the 30 September file
Brevalis SA, swimming pool equipment manufacturer, listed, calendar year
1 document4 tasks
- Period
- First quarter N
- Standards
- IAS 34 — Interim Financial Reporting
- Levels
- 0 / 4 levels validated
- Current level
- L1 · Guided≈ 50 min
Assistance levelFull guidance · strong assistance
- Method: shown
- Checklist: shown
- Hints: shown
- Step-by-step work: shown
Case brief
L1 · Guided · First quarter N
The content of the first-quarter report
You follow Brevalis SA's interim reporting during year N: the content of the report, the periods presented, year-to-date measurement, tax at the estimated annual rate, a change in policy, then the links with other standards. The figures, rates and judgements are case data; none is a rule of the standard.
The accounting department prepared the report at 31 March N. Check its content and columns.
Fundamental level: the method, help and references are shown.
Method
- 1Read the brief and the assignment.
- 2Open each document and spot the relevant data.
- 3Carry out the work in the suggested order.
- 4Submit, then read the conclusion and the model answer.
File checklist
- Open each piece (0 / 1 consulted) · to do
- Answer the questions of the level (0 / 4) · to do
- Validate the level, then read the conclusion · to do
Events
The file, period by period
2 / 6 stages reached
Initial event · L1·First quarter N · Current stage
The content of the first-quarter report
The accounting department prepared the report at 31 March N. Check its content and columns.
Pieces added
- Exhibit 1: the draft report at 31 March N
New period · L2·First half N · Upcoming: unlocks after the current stage
Upcoming stage
New period · L3·From 30 June to 30 September N · Upcoming: unlocks after the current stage
Upcoming stage
New period · L4·30 September N · Upcoming: unlocks after the current stage
Upcoming stage
Conclusion · Upcoming: unlocks after the current stage
Upcoming stage
Documents
Case documents
1 document to work from at this level.
Document 1Document
Exhibit 1: the draft report at 31 March N
Brevalis SA makes swimming pool equipment, closes its year on 31 December and is listed; it is within IAS 33. Stock exchange rules require a quarterly report (case data).
The accounting department gives the finance director the following draft.
- Condensed statement of financial position: columns "31 March N" and "31 March N-1".
- Condensed statement of comprehensive income: columns "Q1 N" and "Q1 N-1". It presents net profit and comprehensive income, without earnings per share.
- Explanatory notes: three pages on the events of the quarter.
Data
Facts of the file
- Entity
- Brevalis SA, swimming pool equipment manufacturer, listed, calendar year
- Period
- First quarter N
- Current level
- L1 · Guided
- Standards
- IAS 34 — Interim Financial Reporting
Pieces carried over from earlier levels
First level: all the data is in the brief and the pieces of this level.
Questions
4 parts to answer, marked when you submit the level.
- Information to identify2
- Questions2
Information to identify
Find the useful facts in the pieces before concluding.
Part 1 · Multiple answers · Recognition
Which minimum components of a condensed report are missing from Brevalis's draft? Several answers are correct.
Several answers may be correct: select all of them.
3 more questions will appear once the current question is complete.
Complete the question to continue.
Workspace
Your working draft for this file: points noted, leads, intermediate calculations.
Saved on this device only; never graded.
Conclusion
Answer every part to submit the level and see the conclusion.
Normative references
- IAS 34 §8
- IAS 34 §11
- IAS 34 §19
- IAS 34 §30