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IFRS 11Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 11L4 · Expert

Documents

Group profile and file conventions

Memo

Group profile and file conventions

Verlance Group SA (fictitious entity) closes its consolidated accounts on 31 December 20X6. The preparer builds the file, submitted to a review. File conventions: amounts in EUR; file convention (pedagogical assumption, not attributed to IFRS 11): the machine sold to Marlaix is neither a business nor a subsidiary and no repurchase option exists; the joint liabilities follow the shares of the items they finance; the separate statements apply cost to the interests in joint ventures; the entries are illustrative.

Classification of a joint arrangement: joint control, separate vehicle, legal form, contractual terms and other facts and circumstances: Hestial

Joint arrangement file: joint control, classification, accounting of the joint operator or joint venturer and separate financial statements (IFRS 11)

7 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 IFRS 11 workpaper
Level
Expert
Estimated time
≈ 60 min
Progress
0 / 3 steps done (review excluded)

Context

Verlance Group SA (fictitious entity) closes its consolidated accounts on 31 December 20X6. The preparer builds the file of the joint arrangements of the year, submitted to a review check: the Marlaix depot (by contract), the company Hestial, the sale of a machine to Marlaix and the Belcor joint venture. Teaching simulation: the review trail of the file (preparation, reviewer notes and final sign-off) is simulated for demonstration purposes; it is neither a real review nor a validation of the content.

Assignment

Joint control and classification of Marlaix and Hestial

Purpose of the workpaper

Describe the arrangement, the decisions on the relevant activities and the consent they require, then the vehicle if any, its legal form, the terms of the arrangement and the other facts and circumstances. Percentages, decision thresholds and amounts are case data: none is presented as imposed by the standard, and the classification remains a judgment supported by the enforceable rights and obligations of the parties.

Questions of the file covered by this workpaper

  • Marlaix: which parties have joint control, and what is their combined share?
  • Marlaix: is there a separate vehicle, and what is the type of arrangement?
  • Hestial: what do the legal form and the terms of the agreement suggest?
  • Hestial: do the other facts and circumstances, in view of the legal opinion, change the classification?

Documents in the file

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