Westjet 2014 Annual Report Download - page 70

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Notes to Consolidated Financial Statements
As at and for the years ended December 31, 2014 and 2013
(Stated in thousands of Canadian dollars, except percentage, ratio, share and per share amounts)
WestJet Annual Report 2014 │ 68
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(i)
IFRS 15 –
Revenue from
Contracts with
Customers
Provides a single revenue
recognition model which will
improve comparability over a range
of industries, companies and
geographical boundaries
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
January 1,
2017
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
January 1,
2018
(i) Effective for annual periods beginning on or after the stated date.
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.