ABSTRACT
FRS 4 (and UITF 33) provide that any obligation to transfer economic benefit to
another is a liability. Only an obligation in respect of a ‘share’ within the mean-
ing of CA 1985 s 259 can be accounted for as equity (rather than debt).
FRS 4 (and UITF 33) provide that any obligation to transfer economic benefit to
another is a liability. Only an obligation in respect of a ‘share’ within the mean-
ing of CA 1985 s 259 can be accounted for as equity (rather than debt).