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: Arvel — summarised information
Group file: disclosures on judgments, subsidiaries, joint arrangements and associates, and unconsolidated structured entities (IFRS 12)
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
- Expert
- Estimated time
- ≈ 90 min
- Progress
- 0 / 4 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
Arvel, Nolet and structured entities
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
- Arvel: compute the share of the summarised net assets.
- Arvel: reconcile the summarised information to the carrying amount of the interest.
- Nolet: compute the cumulative unrecognised share of the losses at the closing date.
- Orchis and Pyrel: what is the total carrying amount of the interests in unconsolidated structured entities?
- Are Orchis and Pyrel structured entities, and what should be said about the support to Pyrel?
Documents in the file
Open the documents to pick out the relevant information.