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IFRS 12Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 12L3 · Advanced

Documents

Group profile and case conventions

Memo

Group profile and case conventions

Brelmar 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 carrying amounts come from the equity method of IAS 28, goodwill and adjustments are case data and the loss-limitation rule of IAS 28 is outside the scope; the entry is illustrative.

Disclosures on joint arrangements, associates and unconsolidated structured entities: summarised information, reconciliation to the carrying amount, unrecognised losses, commitments and structured entities: Valdec — unrecognised losses

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

6 documents8 sections to document
0 / 5 sections completed
Guided mode

Section 1 of 8

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
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

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