Westjet 2015 Annual Report Download - page 53

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WestJet Annual Report 2015 | 51
Future accounting pronouncements
The International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC)
have issued the following standards that have not been applied in preparing our consolidated financial statements and notes
thereto, for the year ended December 31, 2015 as their effective dates fall within annual periods beginning subsequent to the
current reporting period.
Proposed
standard Description Previous standard Effective date
IFRS 15 –
Revenue from
Contracts with
Customers
A new standard on revenue recognition
that contains a single model that applies
to contracts with customers and two
approaches to recognizing revenue; at a
point in time or over time.
IAS 11 - Construction
contracts; IAS 18 – Revenue;
IFRIC 13 - Customer Loyalty
Programmes; IFRIC 15 -
Agreements for the
Construction of Real Estate;
IFRIC 18 - Transfers of Assets
from Customers; SIC-31 -
Revenue - Barter Transactions
Involving Advertising Services
Effective for annual periods
beginning on or after January
1, 2018.
Early adoption is
permitted.
IFRS 9 –
Financial
Instruments
A single financial instrument accounting
standard addressing: classification and
measurement (Phase 1), impairment
(Phase II) and hedge accounting (Phase
III).
IAS 39; IAS 32; IFRS 7 –
Financial Instruments:
Recognition and Measurement;
Presentation; Disclosures
Effective for annual periods
beginning on or after January
1, 2018. Early adoption is
permitted.
IFRS 16 -
Leases
A new standard on lease accounting
addressing the principles to apply to
report useful information about the
amount, timing and uncertainty of cash
flows arising from a lease.
All lease
commitments will be recognized as a
liability.
IAS 17 - Leases
Effective for annual periods
beginning on or after January
1, 2019. Early adoption is
permitted.
Management has not yet evaluated the impact of these new standards on our financial statement measurements and
disclosures. We do not anticipate the early adoption of these standards.