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IFRS 15Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 15L1 · Fundamental

Documents

Contract signed with Maison Vernet Traiteur

Contract

Contract signed with Maison Vernet Traiteur

Contract signed on 1 October 20X1 by both parties; neither of them can terminate it without compensating the other. Subject: supply of a CF-40 cold room, standard installation at the customer's site (assembly, electrical connection, commissioning) and preventive and corrective maintenance for 24 months from 1 January 20X2. Fixed overall price: 54,000, presented in the contract as follows: cold room 50,000, installation free of charge, maintenance 4,000. Payment terms: deposit of 30% on signature, i.e. 16,200, received on 1 October 20X1; balance invoiced on acceptance of the installation, payable within 30 days. The balance invoice remains due in full, even though the maintenance has not yet been provided.

Contract and performance obligations

Bundled cold room, installation and maintenance: five steps and allocation of the price

4 documents7 sections to document
0 / 4 sections completed
Guided mode

Section 1 of 7

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 15 workpaper
Level
Foundation
Estimated time
≈ 35 min
Progress
0 / 3 steps done (review excluded)

Context

Cryalis Froid SAS (a fictitious entity) manufactures and sells modular cold rooms for the food trades. On 1 October 20X1, it signs with Maison Vernet Traiteur SARL (a fictitious entity) a contract covering a CF-40 cold room, its installation at the customer's site and the maintenance of the equipment. You are preparing the financial statements of Cryalis Froid for the year ended 31 December 20X1.

Assignment

Contract and performance obligations workpaper.

Purpose of the workpaper

Steps 1 and 2: check the scope of IFRS 15 and the criteria for the existence of a contract, then identify the explicit and implicit promises and the distinct performance obligations, warranties included.

Questions of the file covered by this workpaper

  • Is the contract signed with Maison Vernet Traiteur a contract within the meaning of IFRS 15?
  • Identify the performance obligations in the contract.

Documents in the file

Open the documents to pick out the relevant information.

Choose how you want to work
View the workpaper template