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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.

Joint venturer and party without joint control: equity-method carrying amount, significant influence 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
≈ 60 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

Belcor: equity method and separate statements

Purpose of the workpaper

List the profit, the dividends and the percentage of the joint venturer, compute the share of profit or loss and the closing carrying amount under the IAS 28 equity method, then judge the significant influence of a party without joint control and the policy for the separate financial statements. Percentages and amounts are case data; the choice of method in the separate statements is a group policy, never presented as imposed by IFRS 11.

Questions of the file covered by this workpaper

  • Belcor: compute the share of profit of Verlance.
  • Belcor: compute the closing carrying amount of the investment.
  • Separate statements: how to treat Marlaix and Belcor, and on what basis?
  • Belcor: record the share of profit.
  • Belcor: record the dividend received.

Documents in the file

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