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ARTICLE · 15 MAY 2017

Technical Bulletin: May 2017

Collins Barrow National Incorporated
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Amendment to Section 3856 regarding the current exemption of classifying redeemable preferred shares issued in a tax planning arrangement as equity.

CanadaAccounting and Audit
Collins Barrow National Cooperative Inc.
Collins Barrow National Cooperative Inc.
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1. Accounting

ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES (ASPE)

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Proposed change

Summary

Status

Redeemable Preferred Shares Issued in a Tax Planning Arrangement

Amendment to Section 3856 regarding the current exemption of classifying redeemable preferred shares issued in a tax planning arrangement as equity.

The AcSB reaffirmed its view that the basis for the exception should be on the condition of retention of control of the enterprise and decided that the control of the enterprise must be retained by the party receiving the redeemable preferred shares. The AcSB further decided on the additional conditions necessary to qualify for equity classification which determine that control of the future cash outflows of the enterprise has not changed.

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