IFRS 13 · Workpapers (Step 4 of 5)
Workpaper assignment
- Course
- Exercises
- Case studies
- Workpapers
- Exams
Fair value hierarchy classification file
Fair value measurement file of an industrial and financial group
Section 1 of 7
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 13 workpaper
- Level
- Expert
- Estimated time
- ≈ 40 min
- Progress
- 0 / 3 steps done (review excluded)
Context
Groupe Halvern (fictitious entity) combines an industrial division and a financial division. For the 31 December 20X5 closing, you prepare the fair value measurement file: copper lot, industrial site, warranty, level 3 instruments, an instrument acquired during the year and a derivatives portfolio. A reviewer will check the file and may ask questions. 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
Hierarchy classification file
Purpose of the workpaper
For each measurement (one instance per item), list the inputs, whether each is observable and how much it matters to the measurement, check the criteria of each level, justify the level retained (that of the lowest level input that is significant), then prepare the line of the table by level and the related note.
Questions of the file covered by this workpaper
- Compute the fair value of the warranty.
- In which level should the warranty be classified? Justify.
Documents in the file
Open the documents to pick out the relevant information.