IFRS 12 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
Disclosures on subsidiaries: material non-controlling interests, summarised information, restrictions, changes in ownership and loss of control
Group file: disclosures on judgments, subsidiaries, joint arrangements and associates, and unconsolidated structured entities (IFRS 12)
Section 1 of 9
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
- Expert
- Estimated time
- ≈ 75 min
- Progress
- 0 / 5 steps done (review excluded)
Context
Norvane Group SA (fictitious entity) closes its consolidated accounts on 31 December 20X6. The preparer builds the file of the disclosures on interests in other entities, submitted to a review check: Tolmer and Hanel (judgments), Belmont (non-controlling interests), Arvel and Nolet (associates) and unconsolidated structured entities. 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
Belmont: non-controlling interests
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
- Belmont: compute the profit allocated to the non-controlling interests.
- Belmont: compute the accumulated closing balance of the non-controlling interests.
- Belmont: which revenue should be presented in the summarised information, before or after intragroup eliminations?
- Belmont: do the materiality and the distribution restriction call for a disclosure, and which one?
- Record the dividend paid to the non-controlling interests of Belmont.
Documents in the file
Open the documents to pick out the relevant information.