Analysis of the Financial Structure of theCo-operative Societies and Their Accounting Treatment in Spain
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This paper deals with the financial structure of cooperative societies in Spain and their accountancy. Bearing this objective in mind, first we describe the legal framework of cooperatives in Spain which is characterized by a pluralist framework. Cooperatives are a regional government legal competence (Autonomous Communities) resulting in 16 Autonomic (Regional) Cooperatives’ Laws plus a State Cooperatives’ Law. In addition, Credit (Bank) Cooperatives have a sectoral Law. We study the changes motivated by the international accounting harmonization in the Spanish GAAP and the Spanish Accounting Standards for Cooperatives, also the subsequent changes in the Cooperatives’ Laws in order to introduce a new and optional regimen of members’ shares that can retain the accounting classification of members’ shares as equity. We critically review the criteria of IAS 32 and IFRIC 2 to classify members’ shares as equity or liability. Financial resources are described comprehensively; we focus in financial resources obtained from members and self-financing, we highlight the new sources of finances (shared titles and special participations), a new hybrid cooperative form, mixed cooperatives and the commented introduction of a new and optional regimen of members’ shares whose redemption can be refused by the cooperative. Conclusions are set out on financial structure and accounting standards. We point out the difficult balance between Cooperative Principles and financing needs. New forms of financing and hybrid cooperatives have the risk of denaturalization of the cooperative. From accounting standards is highlighted their impact in cooperatives (Polo, 2014), they have motivated changes in the regimen of members’ shares, changes that otherwise ha not been introduced. Finally, a very short reference is made about the current IASB’s Discussion Paper “Financial Instruments of characteristic of equity”.
Abstract
This paper deals with the financial structure of cooperative societies in Spain and their accountancy. Bearing this objective in mind, first we describe the legal framework of cooperatives in Spain which is characterized by a pluralist framework. Cooperatives are a regional government legal competence (Autonomous Communities) resulting in 16 Autonomic (Regional) Cooperatives’ Laws plus a State Cooperatives’ Law. In addition, Credit (Bank) Cooperatives have a sectoral Law. We study the changes motivated by the international accounting harmonization in the Spanish GAAP and the Spanish Accounting Standards for Cooperatives, also the subsequent changes in the Cooperatives’ Laws in order to introduce a new and optional regimen of members’ shares that can retain the accounting classification of members’ shares as equity. We critically review the criteria of IAS 32 and IFRIC 2 to classify members’ shares as equity or liability. Financial resources are described comprehensively; we focus in financial resources obtained from members and self-financing, we highlight the new sources of finances (shared titles and special participations), a new hybrid cooperative form, mixed cooperatives and the commented introduction of a new and optional regimen of members’ shares whose redemption can be refused by the cooperative. Conclusions are set out on financial structure and accounting standards. We point out the difficult balance between Cooperative Principles and financing needs. New forms of financing and hybrid cooperatives have the risk of denaturalization of the cooperative. From accounting standards is highlighted their impact in cooperatives (Polo, 2014), they have motivated changes in the regimen of members’ shares, changes that otherwise ha not been introduced. Finally, a very short reference is made about the current IASB’s Discussion Paper “Financial Instruments of characteristic of equity”.
참고문헌 (15)
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