Analysis of the statutory changes to adapt the share capital reimbursement regime to the co-operative accounting standards

Yolanda Montegut, Ramon Bastida


Purpose: The objective of this study is to analyze the changes made in the co-operative Statutes to adapt the share capital and which have been the economic effects of this adaptation to the economic and financial situation of the co-operatives.

Design/methodology/approach: To conduct the study we asked for the Statutes and the financial statements of the co-operatives, for the period 2010-2011, to the Register. First, we have studied the Statutes to revise which articles have been introduced or modified in relation to the new accounting standards. Second, we have created a database with the financial statements of the co-operatives in order to analyze the economic and financial situation through an analysis of the balance sheet data and ratios.

Findings and Originality/value: We have identified the percentage of co-operatives that have decided to adapt the Statutes to the accounting normative and the criteria that they have adopted. The results conclude that mainly co-operatives have adapted their Statutes, and the effects of the application of accounting standards adapted to IAS 32 consist of a decrease in equity and an increase in its debt.

Research limitations/implications: The difficulty to obtain the financial statements and the Statutes of the co-operatives in Catalonia.

Practical and social implications: Since 2011, all co-operatives in Spain must apply accounting standards adapted to IAS 32. The results of this research can be useful for different stakeholders, not only for the co-operatives, but also for other co-operative bodies that can make their appropriate assessments, and for the financial institutions, that can take them into account when they take decisions.

Originality/value: There are not many studies that deal with this issue. The present study allows to know what mechanisms have been used for co-operatives to adapt their share capital to the accounting standards and to analyse if this accounting reform affects substantially their patrimonial and economic situation.


share capital, cooperative, liability, equity, solvency, financial information, ratios

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This work is licensed under a Creative Commons Attribution 4.0 International License

Intangible Capital, 2004-2024

Online ISSN: 1697-9818; Print ISSN: 2014-3214; DL: B-33375-2004

Publisher: OmniaScience