Skip to main content
IFRS Academy

CERTYNEX IFRS ACADEMY

My account — Professional

Search the Academy

Home
My learning path
Exercises & quizzes
Cases
Workpapers
Exams
My progress

IAS 8Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors — wording before IFRS 18Applicable today

Applies to annual periods beginning before January 1, 2027.

Mission · workpaperWorkpaper · IAS 8L2 · Intermediate

Documents

Warranty claim statistics

Schedule

Warranty claim statistics

Maison Quérande SA (fictitious entity) sells household appliances with a two-year warranty. In October 20X5, internal audit found that, since 20X3, the spreadsheet used for the warranty provision had left out the "cooking" range, although the claim statistics for that range were available every year before the statements were approved. Omitted provision, recomputed with the statistics of the time: 80,000 at 31 December 20X3 and 128,000 at 31 December 20X4.

IAS 8 disclosure checklist

Provision omitted and discovered the following year: restatement of comparatives and tax effect

4 documents6 sections to document
0 / 3 sections completed
Guided mode

Section 1 of 6

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 8 workpaper
Level
Intermediate
Estimated time
≈ 30 min
Progress
0 / 2 steps done (review excluded)

Context

Maison Quérande SA (fictitious entity) is preparing its 20X5 statements, which present 20X4 as comparative. In October 20X5, internal audit found a warranty provision omitted since 20X3. You prepare the restatement.

Assignment

Disclosure checklist: error correction

Purpose of the workpaper

Using the draft notes and the restatement and change-in-estimate schedules, check point by point the disclosures on changes in accounting policies (initial application, voluntary change, IFRSs issued but not yet applied), on changes in estimates and on error corrections; carry over the amounts to be disclosed and record the findings.

Questions of the file covered by this workpaper

  • What should be disclosed in the notes?

Documents in the file

Open the documents to pick out the relevant information.

Choose how you want to work
View the workpaper template