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AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
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AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
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108 In the Appendix, paragraph A8 is amended as follows (new text is underlined and deleted text is struck through):
A8 Members’ shares in excess of the prohibition against redemption are financial liabilities. The co-operative entity measures this financial liability at fair value at initial recognition. Because these shares are redeemable on demand, the co-operative entity determines measures the fair value of such financial liabilities in accordance with paragraph 47 of AASB 13 as required by paragraph 49 of AASB 139 Financial Instruments: Recognition and Measurement, which states: ‘The fair value of a financial liability with a demand feature (eg a demand deposit) is not less than the amount payable on demand …’ Accordingly, the co-operative entity classifies as financial liabilities the maximum amount payable on demand under the redemption provisions.