ifric2 - IFRIC 2 IFRIC Interpretation 2 Members Shares in...

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IFRIC 2 © IASCF A997 IFRIC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments This version includes amendments resulting from IFRSs issued up to 31 December 2009. IFRIC 2 Members’ Shares in Co-operative Entities and Similar Instrument s was developed by the International Financial Reporting Interpretations Committee and issued by the International Accounting Standards Board in November 2004. IFRIC 2 and its accompanying documents have been amended by: Puttable Financial Instruments and Obligations Arising on Liquidation (Amendments to IAS 32 and IAS 1) (issued February 2008). * * effective date 1 January 2009
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IFRIC 2 A998 © IASCF C ONTENTS paragraphs IFRIC INTERPRETATION 2 MEMBERS’ SHARES IN CO-OPERATIVE ENTITIES AND SIMILAR INSTRUMENTS REFERENCES BACKGROUND 1–2 SCOPE 3 ISSUE 4 CONSENSUS 5–12 DISCLOSURE 13 EFFECTIVE DATE 14–14A APPENDIX Examples of application of the consensus BASIS FOR CONCLUSIONS FOR THE ACCOMPANYING DOCUMENT BELOW, SEE PART B OF THIS EDITION
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IFRIC 2 © IASCF A999 IFRIC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments (IFRIC 2) is set out in paragraphs 1–14A and the Appendix. IFRIC 2 is accompanied by a Basis for Conclusions. The scope and authority of Interpretations are set out in paragraphs 2 and 7–17 of the Preface to International Financial Reporting Standards .
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IFRIC 2 A1000 © IASCF IFRIC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments References •I A S 3 2 Financial Instruments: Disclosure and Presentation (as revised in 2003) * A S 3 9 Financial Instruments: Recognition and Measurement (as revised in 2003) Background 1 Co-operatives and other similar entities are formed by groups of persons to meet common economic or social needs. National laws typically define a co-operative as a society endeavouring to promote its members’ economic advancement by way of a joint business operation (the principle of self-help). Members’ interests in a co-operative are often characterised as members’ shares, units or the like, and are referred to below as ‘members’ shares’. 2 IAS 32 establishes principles for the classification of financial instruments as financial liabilities or equity. In particular, those principles apply to the classification of puttable instruments that allow the holder to put those instruments to the issuer for cash or another financial instrument. The application of those principles to members’ shares in co-operative entities and similar instruments is difficult. Some of the International Accounting Standards Board’s constituents have asked for help in understanding how the principles in IAS 32 apply to members’ shares and similar instruments that have certain features, and the circumstances in which those features affect the classification as liabilities or equity.
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ifric2 - IFRIC 2 IFRIC Interpretation 2 Members Shares in...

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