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IFRS 7Workpapers (Step 4 of 5)

Workpaper assignment

Step 4 of 5
Mission · workpaperWorkpaper · IFRS 7L4 · Expert

Documents

Company profile and case conventions

Memo

Company profile and case conventions

Dornel SA (fictitious entity) closes its accounts on 31 December 20X6; its functional currency is the euro. Case conventions: amounts in EUR; the flows of the maturity table are those of the contracts, without discounting; case convention (pedagogical assumption, not attributed to IFRS 7): the floating rate of the closing date applies to all the future interest; the reconciliation of the loss allowance contains no recovery and no transfer; the effect on equity equals the effect on profit or loss before tax; the entries are illustrative.

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

File on the financial instrument disclosures: classes, credit risk, liquidity, sensitivity and transfers of assets (IFRS 7)

7 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 7 workpaper
Level
Expert
Estimated time
≈ 60 min
Progress
0 / 3 steps done (review excluded)

Context

Dornel SA (fictitious entity) closes its accounts on 31 December 20X6. The preparer builds the file of the notes on financial instruments, submitted to a review check: classes of the line item of receivables and investments, credit risk of the trade receivables, maturities and sensitivity of the debt, transfer of receivables with limited recourse. 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

Classes of the line item of receivables and investments

Purpose 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.

Questions of the file covered by this workpaper

  • Compute the net amount of the trade receivables.
  • Group the line item « Receivables and investments » into classes reconciled to the line item.

Documents in the file

Open the documents to pick out the relevant information.

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View the workpaper template