Lessee subsequent measurement: lease liability and right-of-use asset: Tilleuls store — 20X5

Context

Groupe Valmorel (fictitious group) operates a chain of home furnishing stores. It reports at 31 December, applies IFRS 16 and leases almost all of its stores. You are in charge of the closing file of the lease portfolio at 31 December 20X5: inventory and analysis of the contracts, initial measurement of the new Tilleuls store, schedules for the year, amendments, sale and leaseback transaction of the logistics platform, subleases, entries, impact, note, responses to the reviewer's notes and conclusion. Under the group's policies (data of the file), right-of-use assets are depreciated on a straight-line basis over the lease term, with no residual value, no contract providing for a transfer of ownership or a purchase option, and operating sublease income is recognised on a straight-line basis. The IFRS 15 analysis of the transfer of the platform, the fair value of the platform (IFRS 13) and the restoration provision (IAS 37) are data of the file; deferred tax effects (IAS 12) are out of scope. The transactions of the year on the new contracts have not yet been recorded: the entries are presented with cash as the counterpart (teaching assumption).

Assignment

Workpaper Lessee subsequent measurement (Tilleuls and platform, 20X5).

Purpose of the workpaper

Prepare the movement in the lease liability for the period (opening balance, interest at a constant periodic rate, payments made, closing balance reconciled to the ledger), calculate the depreciation of the right-of-use asset over the period retained, record the entries and check the presentation in the statement of financial position, the statement of profit or loss and the statement of cash flows.

Questions of the file covered by this workpaper

• Prepare the 20X5 Tilleuls schedule: interest, balance, depreciation and variable rent.
• Prepare the 20X5 schedule of the leaseback.
• Which entries do you record for 20X5?

• MemoPlanning memo of the fileOpen
• ContractDarnac logistics services contractOpen
• ContractLease of the Tilleuls storeOpen
• MemoMemo from the development directorOpen
• InvoiceEstate agent invoiceOpen
• MemoMemo from the purchasing departmentOpen
• DocumentLetter from the bankOpen
• ScheduleSales reporting 20X5Open
• ContractTemporary unit lease and corner subleaseOpen
• ContractTablet lease contractOpen
• ScheduleLedger extract for the Saint-Clair and Galerie Nord leasesOpen
• ContractAmendment to the Saint-Clair leaseOpen
• ContractStorage room amendmentOpen
• MemoMemo from the real estate departmentOpen
• ContractSale deed and leaseback of the platformOpen
• DocumentReport of the property valuerOpen
• ContractGalerie Nord sublease contractOpen
• ScheduleDraft noteOpen
• ContractStore insurance contractOpen
• DocumentMarketing budgetOpen