The Institute and CPA Australia have lodged their joint submission on the IASB Discussion Paper Financial Instruments with Characteristics of Equity. 
 
The submission does not support the adoption of any of three proposals in the paper as a short term convergence solution, suggesting that an improved version of IAS 32 Financial Instruments: Presentation is preferable. However we consider a longer term project could explore further two of the proposals - being the basic ownership model and the ownership settlement approach. 
 
To view the submission to the AASB, click here (pdf). 
 
To view the submission to the IASB, click here (pdf).