Workpapers
Workpaper template
IAS 8 disclosure checklist
- Prepared by
- AI-assisted draft
- Reviewed by
- Not reviewed — human review required
- Status
- Published
Objective of the workpaper
Using the draft notes and the restatement and change-in-estimate schedules, check point by point the disclosures on changes in accounting policies (initial application, voluntary change, IFRSs issued but not yet applied), on changes in estimates and on error corrections; carry over the amounts to be disclosed and record the findings.
8 sections · 15 blocks · 1 calculation · 0 entries
- IAS 8
- IAS 8 §29
- IAS 8 §30
- IAS 8 §39
- IAS 8 §40
- IAS 8 §49
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.
- Provision omitted and discovered the following year: restatement of comparatives and tax effectOpen the mission
- Voluntary change in the inventory cost formula: justification, restatement and disclosuresOpen the mission
- Review file of accounting changes and restatements of a retail groupOpen the mission
3 instances from the cases: the calculations and entries below are run by the calculation engine.
- File and entity
- Provision omitted and discovered the following year: restatement of comparatives and tax effect
- Case task documented here
- What should be disclosed in the notes?
Inputs
InputsDraft notes reviewed
TextRequired
NOTE_ON_WARRANTY_PROVISION_CORRECTION
Changes in policies and estimates and error corrections of the period
TextRequired
PRIOR_PERIOD_ERROR_WARRANTY_PROVISION
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
60,000
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
48,000
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number
Supporting evidence
EvidenceEvidence obtained and referenced (category, document reference)
EvidenceRequired
Effect of a change in estimate on a period
CalculationsIAS 8 §39
Effect to disclose (revised charge − previous charge)
Calculation
0
Revised charge of the period ; − Charge under the previous estimate
Changes in accounting policies
DisclosureIAS 8IAS 8 §29IAS 8 §30
Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact
Changes in estimates
DisclosureIAS 8 §39IAS 8 §40
Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated
Corrections of prior period errors
DisclosureIAS 8 §49
Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements
Conclusion
ConclusionFindings and corrections requested
TextRequired
EPS_NOT_APPLICABLE_UNLISTED_ENTITY
Completed checklist and conclusion
ConclusionRequired
Normative references
ReferencesNormative references
References
Checks and financial statement impact
- Draft notes reviewedPass
- Assets
- 0
- Liabilities
- 0
- Profit or loss
- 0
- OCI
- 0
- Equity
- 0
- File and entity
- Voluntary change in the inventory cost formula: justification, restatement and disclosures
- Case tasks documented here
- What information is missing to complete the note?
- What must be disclosed about this voluntary change?
Inputs
InputsDraft notes reviewed
TextRequired
NOTE_ON_CHANGE_TO_FIFO
Changes in policies and estimates and error corrections of the period
TextRequired
VOLUNTARY_CHANGE_OF_COST_FORMULA
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
13,875
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
9,940
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number
Supporting evidence
EvidenceEvidence obtained and referenced (category, document reference)
EvidenceRequired
Effect of a change in estimate on a period
CalculationsIAS 8 §39
Effect to disclose (revised charge − previous charge)
Calculation
0
Revised charge of the period ; − Charge under the previous estimate
Changes in accounting policies
DisclosureIAS 8IAS 8 §29IAS 8 §30
Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact
Changes in estimates
DisclosureIAS 8 §39IAS 8 §40
Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated
Corrections of prior period errors
DisclosureIAS 8 §49
Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements
Conclusion
ConclusionFindings and corrections requested
TextRequired
EARNINGS_PER_SHARE_EFFECT_MISSING
Completed checklist and conclusion
ConclusionRequired
Normative references
ReferencesNormative references
References
Checks and financial statement impact
- Draft notes reviewedPass
- Assets
- 0
- Liabilities
- 0
- Profit or loss
- 0
- OCI
- 0
- Equity
- 0
- File and entity
- Review file of accounting changes and restatements of a retail group
- Case task documented here
- Prepare the IAS 8 disclosures and record the findings on the draft notes.
Inputs
InputsDraft notes reviewed
TextRequired
DRAFT_CONSOLIDATED_NOTES_20X5
Changes in policies and estimates and error corrections of the period
TextRequired
ERROR_POLICY_CHANGES_ESTIMATE_NEW_IFRS
IFRSs issued but not yet effective and not applied
Text
STANDARD_X_EFFECTIVE_20X7
Amount of the adjustment at the beginning of the earliest period presented
Number
102,300
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
80,000
Revised charge of the period
Number
120,000
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number
90,000
Supporting evidence
EvidenceEvidence obtained and referenced (category, document reference)
EvidenceRequired
Effect of a change in estimate on a period
CalculationsIAS 8 §39
Effect to disclose (revised charge − previous charge)
Calculation
30,000
Revised charge of the period ; − Charge under the previous estimate
Changes in accounting policies
DisclosureIAS 8IAS 8 §29IAS 8 §30
Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact
Changes in estimates
DisclosureIAS 8 §39IAS 8 §40
Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated
Corrections of prior period errors
DisclosureIAS 8 §49
Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements
Conclusion
ConclusionFindings and corrections requested
TextRequired
STANDARD_X_AND_JARDIN_IMPRACTICABILITY_MISSING_IN_DRAFT
Completed checklist and conclusion
ConclusionRequired
Normative references
ReferencesNormative references
References
Checks and financial statement impact
- Draft notes reviewedPass
- Assets
- 0
- Liabilities
- 0
- Profit or loss
- 0
- OCI
- 0
- Equity
- 0
Inputs
InputsDraft notes reviewed
TextRequired
Changes in policies and estimates and error corrections of the period
TextRequired
IFRSs issued but not yet effective and not applied
Text
Amount of the adjustment at the beginning of the earliest period presented
Number
Amount carried over from the restatement schedule (“Retrospective restatement schedule”).
Adjustment of a line item of the comparative period
Number
Revised charge of the period
Number
Amounts carried over from the prospective calculation (“Change in estimate: prospective calculation”).
Charge under the previous estimate
Number
Supporting evidence
EvidenceEvidence obtained and referenced (category, document reference)
EvidenceRequired
Effect of a change in estimate on a period
CalculationsIAS 8 §39
Effect to disclose (revised charge − previous charge)
Calculation
Revised charge of the period ; − Charge under the previous estimate
Changes in accounting policies
DisclosureIAS 8IAS 8 §29IAS 8 §30
Points reviewed
ChecklistRequired
- Initial application: title of the IFRS
- Transitional provisions followed and their description
- Nature of the change
- Voluntary change: reasons why the information is more relevant
- Adjustment for each line item, current period and prior periods presented
- Effect on earnings per share where IAS 33 applies
- Periods before those presented and impracticability
- IFRS issued but not yet applied: statement and possible impact
Changes in estimates
DisclosureIAS 8 §39IAS 8 §40
Points reviewed
ChecklistRequired
- Nature and amount of the effect on the period
- Expected effect on future periods
- Statement if the future effect cannot be estimated
Corrections of prior period errors
DisclosureIAS 8 §49
Points reviewed
ChecklistRequired
- Nature of the error
- Correction for each line item for each prior period presented
- Correction of earnings per share where IAS 33 applies
- Correction at the beginning of the earliest period presented
- Circumstances where restatement is impracticable
- Not repeated in later statements
Conclusion
ConclusionFindings and corrections requested
TextRequired
Completed checklist and conclusion
ConclusionRequired
Normative references
ReferencesNormative references
References