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of <h1>Puttable Instruments: Classification as Equity Requires Specific Conditions on Cash Flows and Asset Claims</h1> A puttable instrument is a financial instrument that allows the holder to return it to the issuer for cash or another financial asset. It may be classified as equity if it entitles the holder to a pro rata share of the entity's net assets upon liquidation, is subordinate to other instruments, and lacks priority over other claims. The instrument must have no other contractual obligations to deliver cash or other financial assets, and its expected cash flows should be based on the entity's profit or loss or changes in net assets. The issuer should not have other financial instruments that restrict returns to puttable instrument holders.
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