Westjet 2014 Annual Report Download - page 45

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WestJet Annual Report 2014│ 43
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 audited consolidated financial statements and
notes thereto, for the years ended December 31, 2014 and 2013 as their effective dates falls 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, 2017. 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.
Management has not yet evaluated the impact of these new standards on our financial statement measurements and
disclosures. We do not anticipate early adopting these standards.