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Does the event alter the original classification

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Reference no: EM132553548

Boseman Ltd is a public company listed on the Australian Securities Exchange (ASX). It complies with the requirements of AASB 9 'Financial Instruments', AASB 132 'Financial Instruments: Disclosure and Presentation' and AASB 7 'Financial Instruments: Disclosures'.

Boseman Ltd issued preferences shares during the year ending 30 June 2020. These shares have no redemption date but give Boseman Ltd an option to redeem the shares for cash.

REQUIRED:

Question (i) How should these shares be classified by Boseman upon issue? Explain.

Question (ii) Two years after their issue, Boseman Ltd has formally notified the shareholders of an impending redemption of the shares. Does this event alter their original classification? Explain.

Reference no: EM132553548

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