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Commission Regulation (EC) No 1073/2005Show full title

Commission Regulation (EC) No 1073/2005 of 7 July 2005 amending Regulation (EC) No 1725/2003 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council, as regards IFRIC 2 (Text with EEA relevance)

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  1. Introductory Text

  2. Article 1.Annex to Regulation (EC) No 1725/2003 is amended as follows:...

  3. Article 2.This Regulation shall enter into force on the third day...

  4. Signature

    1. ANNEX

      2. IFRIC INTERPRETATION 2 Members’ Shares in Cooperative Entities and Similar Instruments

        1. References

        2. Background

          1. 1 Cooperatives and other similar entities are formed by groups of...

          2. 2 IAS 32 establishes principles for the classification of financial instruments...

        3. Scope

          1. 3 This Interpretation applies to financial instruments within the scope of...

        4. Issue

          1. 4 Many financial instruments, including members’ shares, have characteristics of equity,...

        5. Consensus

          1. 5 The contractual right of the holder of a financial instrument...

          2. 6 Members’ shares that would be classified as equity if the...

          3. 7 Members’ shares are equity if the entity has an unconditional...

          4. 8 Local law, regulation or the entity’s governing charter can impose...

          5. 9 An unconditional prohibition may be absolute, in that all redemptions...

          6. 10 At initial recognition, the entity shall measure its financial liability...

          7. 11 As required by paragraph 35 of IAS 32, distributions to...

          8. 12 The Appendix, which is an integral part of the consensus,...

        6. Disclosure

          1. 13 When a change in the redemption prohibition leads to a...

        7. Effective date

          1. 14 The effective date and transition requirements of this Interpretation are...

      3. Appendix

        EXAMPLES OF APPLICATION OF THE CONSENSUS

        1. This appendix is an integral part of the Interpretation.

          1. A1 This appendix sets out seven examples of the application of...

        2. UNCONDITIONAL RIGHT TO REFUSE REDEMPTION (paragraph 7)

          1. Example 1

            1. Facts

              1. A2 The entity’s charter states that redemptions are made at the...

            2. Classification

              1. A3 The entity has the unconditional right to refuse redemption and...

          2. Example 2

            1. Facts

              1. A4 The entity’s charter states that redemptions are made at the...

            2. Classification

              1. A5 The entity does not have the unconditional right to refuse...

        3. PROHIBITIONS AGAINST REDEMPTION (paragraphs 8 and 9)

          1. Example 3

            1. Facts

              1. A6 A cooperative entity has issued shares to its members at...

              2. A7 The entity’s charter states that cumulative redemptions cannot exceed 20...

            2. Classification

              1. Before the governing charter is amended

                1. A8 Members’ shares in excess of the prohibition against redemption are...

                2. A9 On 1 January 20x1 the maximum amount payable under the...

              2. After the governing charter is amended

                1. A10 Following the change in its governing charter the cooperative entity...

          2. Example 4

            1. Facts

              1. A11 Local law governing the operations of cooperatives, or the terms...

            2. Classification

              1. A12 In this case, CU 750 000 would be classified as equity...

              2. A13 The redemption prohibition described in this example is different from...

          3. Example 5

            1. Facts

              1. A14 The facts of this example are as stated in example...

            2. Classification

              1. A15 As in example 4, the entity classifies CU 750 000 as...

          4. Example 6

            1. Facts

              1. A16 The entity’s governing charter prohibits it from redeeming members’ shares,...

            2. Classification

              1. A17 The entity classifies CU 12 000 of the members’ shares as...

          5. Example 7

            1. Facts

              1. A18 The entity is a cooperative bank. Local law governing the...

            2. Classification

              1. A19 In this example members’ shares are classified as financial liabilities....

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