The (in)sufficiency of the right to reimbursement in Portugal. The particular study of wine cooperatives in the Douro demarcated region
Abstract
This study intends to demonstrate that the changes introduced in the legal regime of the right to reimbursement, in the Portuguese Cooperative Code reform of 2015, are not sufficient to remove the accounting qualification of cooperative share capital as a debt. This qualification stems from the subjection of cooperatives to international accounting standards, with particular reference to IAS 32. The practical relevance of this issue is demonstrated by an empirical study that analyses the effects that the application of the current accounting treatment for cooperatives has on wine cooperatives in the Douro Demarcated Region. It concludes by advocating a legislative intervention that allows the cooperatives to be subject to a specific and differentiated accounting treatment, respecting the variability of share capital, resulting from the right to reimbursement of contributions in case of withdraw of the cooperator, under the cooperative principle of voluntary and open membership.
Received: 29 November 2016
Accepted: 01 September 2017
Published online: 22 December 2017
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