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Liabilities and Equity R edeemable preference shares are not classified as equity under IAS 32, as there is a contractual obligation to transfer cash to the holder of the shares. They are therefore a financial liability. If such shares are redeemable at the option of the issuer and do not carry mandatory dividend payments they do not meet the definition of a financial liability as there is no present obligation to transfer cash to the holder of the shares. When the issuer es obliged to redeem the shares, the shares e a financial liability and will then be transferred out of equity. For non-redeemable preference shares, the substance of the contract should be studied; the shares may be classified as a liability or equity depending on whether there is an obligation to transfer cash. Settlement in Own Equity Instruments A contract is not an equity instrument solely because it may result in the receipt or delivery of the entitys own equity instruments. A financial liability will arise when: there is a contractual obligation to deliver cash or another financial asset, to exchange financial assets or financial liabilities, under conditions that are potentially unfavourable to the issuer; there is a non-derivative contract to deliver, or the requirement to deliver, a variable number of the entitys own equity instruments; there is a derivative that will or may be settled other than by the exchange of a fixed amount of cash (or another financial asset) fora fixed number of the entitys own equity instruments. An equity instrument will arise when: there is a non-derivative contract to deliver, or the requirement to deliver, a fixed number of the entitys own equity instruments; there is a derivative that will or may be settled by issuing a fixed number of the entitys ow