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IFRS 12Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 12L2 · Intermediate

Documents

Group profile and case conventions

Memo

Group profile and case conventions

Argane Group SA (fictitious entity) closes its consolidated accounts on 31 December 20X6. Case conventions: amounts in EUR; case convention (pedagogical assumption, not attributed to IFRS 12): the profit of Brevane is presented before eliminations, the share of third parties follows the percentage held and no other comprehensive income is to be allocated; the non-controlling interests of Brevane are significant for Argane's consolidated statements (case assumption: the consolidated totals are not given); the dividend is paid in cash; the entry is illustrative.

Disclosures on subsidiaries: material non-controlling interests, summarised information, restrictions, changes in ownership and loss of control

Subsidiary with material non-controlling interests: disclosures per subsidiary, basis of the summarised information, restrictions, materiality and information on associates

6 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 12 workpaper
Level
Intermediate
Estimated time
≈ 75 min
Progress
0 / 5 steps done (review excluded)

Context

Argane Group SA (fictitious entity) holds 60 % of Brevane SA; third parties hold 40 %. It also holds 52 % of the voting rights of Cantal Holding, 30 % of an associate, 50 % of a joint venture and several small subsidiaries. You prepare the notes on subsidiaries for 20X6.

Assignment

Disclosures on Brevane

Purpose of the workpaper

List, for each subsidiary, the profit, the share of third parties, the dividends and the accumulated balance of the non-controlling interests, then prepare the summarised information (before intragroup eliminations), the restrictions and the effects of changes in ownership. Percentages, dividends and amounts are case data; the accounting belongs to IFRS 10, IFRS 12 governs the disclosure.

Questions of the file covered by this workpaper

  • Are the non-controlling interests of Brevane material, and on what basis should this be assessed?
  • Compute the profit allocated to the non-controlling interests of Brevane.
  • Compute the accumulated closing balance of the non-controlling interests.
  • Which revenue should be presented in the summarised information of Brevane, and before or after intragroup eliminations?
  • Is the loan clause of Brevane a significant restriction to describe, and what should be said about it?
  • Record the dividend paid to the non-controlling interests of Brevane.

Documents in the file

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