Determine and compare the financial reporting (debt versus equity classification) of redeemable preferred stock with the following characteristics under U.S. GAAP and IFRS.
a. Redemption will occur at a specific time or upon a specific event (for example, death of the holder).
b. Redemption is at the option of the issuing firm; that is, the preferred stock is “callable.”
c. Redemption is at the holder’s discretion; that is, the preferred stock is “putable.”