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IFRS 7Workpapers (Step 4 of 5)

Workpaper template

Step 4 of 5
WorkpaperIFRS 7 — Financial Instruments: DisclosuresL1 · L2

Map of the financial instrument disclosures: classes reconciled to the line items and qualitative and quantitative information by risk

5 missions7 sections to document60 min
Prepared by
AI-assisted draft
Reviewed by
Not reviewed — human review required
Status
Published

Objective of the workpaper

Identify the line items of the statement of financial position that contain financial instruments, group them into classes by their nature and characteristics, reconcile the classes to the line item, then draw up the plan of the information by type of risk. Classes, amounts and risks are case data: no class is presented as imposed by the standard.

7 sections · 14 blocks · 0 calculations · 0 entries

  • IFRS 7 §6
  • IFRS 7 §33

Work this workpaper as a mission

Each case that uses this template opens in the mission workspace: data, analysis, calculation, entries, conclusion and review, with your progress saved.

5 instances from the cases: the calculations and entries below are run by the calculation engine.

File and entity
Objective, classes and categories of financial instruments: framework of the risk disclosures
Case tasks documented here
  • Group the instruments of each line item into classes.
  • Reconcile the classes of assets to the line item: compute their total.
  • Reconcile the classes of liabilities to the line item: compute their total.
  • Which risk dominates in each class?
  • Which qualitative information is to be provided for each type of risk?
1

Facts and data

Inputs

  • Business of the entity, financial instruments held or issued and line items concerned

    TextRequired

    FINANCIAL_ASSETS_OF_THE_CURRENT_LINE_ITEM_RECEIVABLES_SECURITIES_AND_DERIVATIVES

  • Amount of the line item of the statement of financial position

    Number

    3,000,000

  • Amount of the first class

    Number

    2,100,000

  • Amount of the second class

    Number

    600,000

  • Amount of the third class

    Number

    300,000

  • Classes retained: nature, characteristics and categories of the measurement basis

    Text

    THREE_CLASSES_BY_NATURE_WITH_THREE_MEASUREMENT_BASES

  • Risks arising from the instruments: credit, liquidity, market; management and exposure at the closing date

    Text

    CREDIT_RISK_ON_RECEIVABLES_AND_SECURITIES_CURRENCY_RISK_ON_DERIVATIVES

2

Supporting documents

Evidence

  • Documents obtained and referenced (trial balance, contracts, risk management policy, treasury reports)

    EvidenceRequired

3

Analysis of the framework of the financial instrument disclosures

Analysis

IFRS 7 §6IFRS 7 §33

  • Points examined: disclosure framework

    ChecklistRequired

    • Information enabling users to assess the significance of the instruments for the financial position and performance
    • Information enabling users to assess the nature and extent of the risks at the closing date
    • Classes grouped by the nature of the information and the characteristics of the instruments
    • Classes reconciled to the line items of the statement of financial position
    • Classes distinguished from the categories of the measurement basis
    • Qualitative information for each type of risk: origin and management
    • Quantitative information on the exposure to each risk and on concentrations
4

Judgment: classes of instruments and level of detail

Judgment

IFRS 7 §6IFRS 7 §33

  • Level of grouping of the classes

    JudgmentRequired

    Classes suitable: useful information, neither too aggregated nor too detailed

    Classes suitable: useful information, neither too aggregated nor too detailed / Classes too aggregated: different characteristics are hidden / Classes too detailed: diluted information

    Professional judgment: the level of grouping depends on the nature of the information and the characteristics of the instruments; there is no imposed list of classes.

  • Rationale: nature, characteristics and usefulness for users

    Text

    CLASSES_FOLLOW_THE_NATURE_OF_THE_INSTRUMENTS_AND_RECONCILE_TO_THE_LINE_ITEM

5

Items to document for the financial instrument disclosures

Disclosure

IFRS 7 §33

  • Information to prepare

    Checklist

    • Table of classes reconciled to the line items
    • Qualitative notes on each type of risk
6

Conclusion

Conclusion

  • Classes retained reconciled to the line item, rationale for the level of grouping and plan of the information by type of risk

    ConclusionRequired

7

Normative references

References

  • Normative references cited in this workpaper

    References

8

Checks and financial statement impact

  • Entity and instruments describedPass
  • Level of grouping judged and supportedPass
  • Classes = line item of the statement of financial positionPass
Assets
0
Liabilities
0
Profit or loss
0
OCI
0
Equity
0