1945

Minding the GAAP: Co-operative responses to the global convergence of accounting standards and practice

When International Accounting Standard (IAS) 32: Financial Instruments: Disclosure and Presentation was issued by the International Accounting Standards Board (IASB) in December 2003, it aroused the concern of co-operatives around the world and appeared to ask them to turn their accounting world (or at least their balance sheet) upside down. In many cases members’ shares which had been reported as member ownership (i.e. equity) were to be reported as a liability. Such a shift would not reflect co-operative principles and, it was feared, would reduce access to financing for co-operatives.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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