IFRS 12 · Workpapers (Step 4 of 5)
Workpaper assignment
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Disclosures on joint arrangements, associates and unconsolidated structured entities: summarised information, reconciliation to the carrying amount, unrecognised losses, commitments and structured entities: Tosca — summarised information
Material associate and joint venture: individual summarised information, reconciliation to the carrying amount, unrecognised share of losses, commitments and interaction with IFRS 11 and IAS 28
Section 1 of 8
Objective
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
- Advanced
- Estimated time
- ≈ 90 min
- Progress
- 0 / 4 steps done (review excluded)
Context
Brelmar Group SA (fictitious entity) holds 30 % of the associate Marlen SA, 50 % of the joint venture Tosca SAS and 30 % of the associate Valdec SA, whose investment has been reduced to zero. You prepare the IFRS 12 notes for 20X6.
Assignment
Marlen, Tosca and Valdec
Purpose of the workpaper
For each material joint venture or associate, list the summarised information, the share of net assets, goodwill and adjustments, and reconcile them to the carrying amount; list the unrecognised share of losses and the commitments; take an inventory of the unconsolidated structured entities. Summarised information is individual, never aggregated. Percentages and amounts are case data.
Questions of the file covered by this workpaper
- Are Marlen and Tosca material, and how should their summarised information be provided?
- Marlen: compute the share of the summarised net assets.
- Marlen: reconcile the summarised information to the carrying amount of the interest.
- Tosca: compute the share of the summarised net assets.
- Tosca: reconcile the summarised information to the carrying amount of the interest.
- Valdec: compute the cumulative unrecognised share of the losses at the closing date.
- How should the commitments, contingent liabilities and restrictions relating to Tosca be presented?
Documents in the file
Open the documents to pick out the relevant information.