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IFRIC 2 — Members' Shares in Co-operative Entities and Similar Instruments

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011.  Earlier application of Part I was permitted.

Published by the IASB:

November 2004

Included in Part I of CPA Canada Handbook:

January 2010

Overview

Members' shares in co-operative entities have some characteristics of equity. They also give the holder the right to request redemption for cash, although that right may be subject to certain limitations.  IFRIC 2 Members' Shares in Cooperative Entities and Similar Instruments gives guidance on how those redemption terms should be evaluated in determining whether the shares should be classified as financial liabilities or as equity.

History of IFRIC 2

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada. 

Date1

Development

Comments

Included in Part I of the CPA Canada Handbook2 

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.

January 2010

Notes 

  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.

The above summary does not include details of consequential amendments made as the result of other projects.

Related Standards

Amendments under consideration

  • None

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.