Westjet 2015 Annual Report Download - page 78

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Notes to Consolidated Financial Statements
As at and for the years ended December 31, 2015 and 2014
(Stated in thousands of Canadian dollars, except percentage, ratio, share and per share amounts)
WestJet Annual Report 2015 | 76
2. New accounting standards and interpretations
The IASB and International Financial Reporting Interpretations Committee (IFRIC) have issued the following standards that have
not been applied in preparing these consolidated financial statements as their effective dates fall within annual periods beginning
subsequent to the current reporting period.
Proposed
standards
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 that results in
substantially all lessee leases being
recorded on the statement of
financial position.
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 the Corporation’s financial statement measurements
and disclosures. The Corporation does not anticipate early adopting these standards.