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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.

Accounting of the joint operator: share of assets, liabilities, revenues and expenses, transactions with the joint operation, acquisition of an interest and separate financial statements

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

7 documents9 sections to document
0 / 6 sections completed
Guided mode

Section 1 of 9

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
≈ 75 min
Progress
0 / 5 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

Marlaix: shares and sale of the machine

Purpose of the workpaper

List the assets, liabilities, revenues and expenses of the joint operation and the operator's share of each item, then compute each share, total revenue and the gain recognised on a sale to the joint operation. Shares come from the arrangement (agreed rights and obligations), not necessarily from capital: they are case data. The standard that applies to each item remains the one for that item (property, leases, revenue).

Questions of the file covered by this workpaper

  • Marlaix: compute the share of Verlance in the depot.
  • Marlaix: compute the share of Verlance in the joint expenses.
  • Sale of the machine: compute the gain recognised.
  • Sale of the machine: compute the gain not recognised.
  • Which standard applies to each Marlaix item recognised by Verlance?
  • Record the share of the Marlaix depot.
  • Record the share of the joint expenses.
  • Record the sale of the machine, limited to the share of the other parties.

Documents in the file

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