Professional Documents
Culture Documents
17 de septiembre de 2012
As a Working Paper, it does not reflect any institutional position or opinion neither of EKAI Center,
nor of its sponsors or supporting entities
EKAI Center seeks to do business with companies or governments covered in its reports. Readers should be aware that
we may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report
as only a single factor in making their investment decision.
1. La actual delimitación entre anticipos y 5. Una opción normativa que podría mitigar el
retornos en base a la “referencia del mercado” actual tratamiento diferencial de anticipos y
no es cuantitativamente aplicable en la práctica y retornos sería la del tratamiento de los retornos
tiene como consecuencia que, salvo casos como gasto contable –compensado, por
extremos, es la propia Cooperativa la que supuesto, con el tratamiento de la retribución del
determina sus niveles de anticipos y retornos en capital como parte del resultado-, tal como es
base a la evolución económica y financiera de la habitual en las legislaciones europeas.
Cooperativa u otras referencias elegidas por sus
órganos y directivos. Esta opción tendría las ventajas siguientes:
As a Working Paper, it does not reflect any institutional position or opinion neither of EKAI Center,
nor of its sponsors or supporting entities
EKAI Center seeks to do business with companies or governments covered in its reports. Readers should be aware that
we may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report
as only a single factor in making their investment decision.
As a Working Paper, it does not reflect any institutional position or opinion neither of EKAI Center,
nor of its sponsors or supporting entities
EKAI Center seeks to do business with companies or governments covered in its reports. Readers should be aware that
we may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report
as only a single factor in making their investment decision.