IFRIC02 BV2009 - IFRIC 2 IFRIC Interpretation 2 Members'...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
IFRIC 2 IFRIC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments This version includes amendments resulting from IFRSs issued up to 31 December 2008. 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). 1 1 effective date 1 January 2009 © IASCF 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IFRIC 2 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 2 © IASCF
Background image of page 2
IFRIC 2 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 . © IASCF 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
IFRIC 2 IFRIC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments References IAS 32 Financial Instruments: Disclosure and Presentation (as revised in 2003) * IAS 39 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. Scope
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

Page1 / 14

IFRIC02 BV2009 - IFRIC 2 IFRIC Interpretation 2 Members'...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online