IFRIC 18 — Transfers of Assets from Customers
Effective date: |
First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, except for subsequent amendments. Earlier application of Part I was permitted. |
Published by the IASB: |
January 2009 |
Included in Part I of CPA Canada Handbook: |
January 2010 |
Overview
IFRIC 18 Transfers of Assets from Customers clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant, and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both).
History of IFRIC 18
The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.
Date1 |
Development |
Comments |
Included in Part I of the CPA Canada Handbook2
|
January 2010 |
Part I of the CPA Canada Handbook issued |
Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted. |
January 2010 |
May 28, 2014 |
IFRIC 18 will be superseded by IFRS 15, Revenue from Contracts with Customers. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Earlier application is permitted. |
February 2015 |
Notes
- For further details of relevant developments prior to this, please refer to our Deloitte Global section.
- Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.
The above summary does not include details of consequential amendments made as the result of other projects.
Related Standards
Amendments under consideration
- None